Carisma Therapeutics initiated with an Outperform at Evercore ISI

Evercore ISI analyst Liisa Bayko initiated coverage of Carisma Therapeutics with an Outperform rating and $12 price target. Lead asset CT-0580 is currently in a proof-of-concept study being added to PD-1 therapy to enhance the response seen with monotherapy and data due at the end of the year should give a good sense “of whether or not this combination will be fruitful,” says the analyst, who adds that positive data from either this program or CAR-monocyte CT-0525 “could catapult CARM into the $20+/share range.”