Third Harmonic Bio initiated with a Buy at Stifel

Stifel initiated coverage of Third Harmonic Bio (THRD) with a Buy rating and $23 price target. Mast cells represent a largely untapped pathogenic target for inflammatory conditions, and Third Harmonic Bio is the only oral wild-type KIT inhibitor pure play, with potential “first-in-class positioning”, the analyst tells investors in a research note. The inhibition of KIT is a highly-validated approach to treating mast cell driven diseases given the validation not only from Celldex’s (CLDX) Barzolvolimab, but also from Third Harmonic first-gen small molecule KIT inhibitor THB001, which demonstrated a clear efficacy signal prior to discontinuation of the program due to liver toxicity, the firm added.