Oppenheimer initiated coverage of Cartesian Therapeutics with an Outperform rating and $50 price target. The firm believes Descartes-08 can deliver competitive results in myasthenia gravis with a longer treatment effect than available therapies. Investing in Cartesian requires “rethinking what you thought you knew about CAR-T therapy” because this is different, Oppenheimer argues. It’s probably not curative, but it also doesn’t come with CAR-T’s usual baggage, the firm explains. In that sense, Descartes-08 is less of a CAR-T and more of a longer-acting VYVGART. Simply put, “it’s a CAR-T for less life-threatening diseases,” and Oppenheimer is bullish on the upcoming Phase 2b in June/July.
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