Carisma Therapeutics initiated with a Buy at BTIG

BTIG initiated coverage of Carisma Therapeutics with a Buy rating and $6 price target. Carisma is a clinical-stage cell therapy co focused on developing macrophage therapies for both oncology and non-oncology indications, the analyst tells investors in a research note. The firm calls the company’s early stage program in fibrosis a “high risk/ high reward shot on goal” with preclinical data from the program is expected in Q2. It views Carisma as an “undervalued story” relative to cell therapy peers with a cash runway into Q3 of 2025 and three clinical catalysts in the next 12-18 months.