Oppenheimer initiated coverage of Harpoon Therapeutics with an Outperform rating and $23 price target. The company is developing novel T cell engagers, TCEs, for cancer targets with high unmet needs, and its lead asset HPN328 has demonstrated intriguing data at ESMO 2023, with regulatory discussions scheduled for the first half of 2024 that could give visibility toward an approval pathway, the analyst tells investors in a research note. The firm adds it is modeling a conservative 2028 launch in lead indications for HPN328.
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