Caribou Biosciences initiated with a Buy at Truist

Truist analyst Asthika Goonewardene initiated coverage of Caribou Biosciences with a Buy rating and $23 price target. The cell therapy company’s proprietary gene editing platform enables multiple precise edits with high efficiency, says the analyst, who thinks this has allowed Caribou to “push boundaries on introducing smart cell engineering into CAR-T therapies for cancer.” Caribou also has made “smart strategic decisions” on edits and positioning that the firm thinks will favorably differentiate their off-the-shelf products and allow them to gain market share, the analyst tells investors.