Jasper Therapeutics initiated with an Outperform at RBC Capital

RBC Capital initiated coverage of Jasper Therapeutics with an Outperform rating and $70 price target. The analyst see the company’s lead asset, briquilimab, as a “franchise builder that could tap into the substantial mast cell disease market.” The lead programs in urticaria have been “de-risked” through external validation and represent the first proof-point that could “unlock significant opportunity,” the analyst tells investors in a research note. The firm also sees broader upside potential for Jasper shares from a new mast cell disease program in 2024 and ongoing pipeline activities.