Oppenheimer points to “a clear sentiment shift on the potential of CAR-Ts for autoimmune” diseases since Kyverna Therapeutics (KYTX) reported initial data from its KYSA-1 trial at EULAR, noting that the disclosure of rebounds in proteinuria “suggest something more sinister is happening” that could undermine the foundations of the “immune reset” hypothesis. While Cartesian Therapeutics (RNAC) shares have been impacted by this “emerging short thesis,” the firm says it doesn’t understand why as it had never envisioned Descartes-08 to be “curative in the first place” and just thinks it can work better than biologics. The firm reiterates an Outperform rating and $50 price target on Cartesian shares.
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