Purple Biotech initiated with a Buy at JonesResearch

JonesResearch analyst Catherine Novack initiated coverage of Purple Biotech with a Buy rating and $8 price target. Purple is a clinical oncology company with multiple near-term catalysts, including Phase 2 data for lead asset CM24 in pancreatic ductal adenocarcinoma in the second half of 2023, the analyst tells investors in a research note. The firm sees a favorable risk/reward for the upcoming dose escalation data of NT219, a small molecule that targets mechanisms of drug resistance, “given that most investors are not assigning value to this asset.”