Caribou Biosciences initiated with an Outperform at Evercore ISI

Evercore ISI analyst Liisa Bayko initiated coverage of Caribou Biosciences with an Outperform rating and $13 price target. Caribou shares are trading below cash and are down 40% year-to-date, mostly due to biotech market conditions and the cell therapy field facing high competition, the analyst tells investors. Against this backdrop, Caribou “stands apart with a best in class offering,” says the firm, which expects two important catalysts could lift shares in the next 12 months. Namely, Evercore points to FDA feedback on a regulatory strategy, including a potential pivotal trial for its lead program CB-010 by year-end, as well as added data from the CB-010 program in the first half of 2024.