Instil Bio price target raised to $180 from $32 at Baird

Baird analyst Jack Allen raised the firm’s price target on Instil Bio to $180 from $32 and keeps an Outperform rating on the shares. The firm says enthusiasm for the company’s PD-L1xVEGF bispecific antibody continues to grow. Following the positive results from Akeso and Summit’s ivonescimab presented and the release of ESMO abstracts from both ivonescimab and BNT327, Baird has seen enthusiasm for the PD-1/L1xVEGF space, which has moved Instil shares higher in sympathy, the analyst tells investors in a research note. Despite the recent positive move, the firm continues to believe shares of Instil remain undervalued.