Jade Biosciences initiated with an Outperform at Wedbush

Wedbush initiated coverage of Jade Biosciences (JBIO) with an Outperform rating and $17 price target The company will focus efforts exclusively on its autoimmune pipeline which includes JADE-001, a monoclonal antibody targeting the APRIL pathway in IgA nephropathy, the analyst tells investors in a research note. Wedbush sees potential for further differentiation with JADE-001 versus other anti-APRIL agents. Additionally, with earlier entrants offering target validation, this is a relatively de-risked approach, contends the firm.