H.C. Wainwright cuts Jasper target, says 50% selloff overdone

H.C. Wainwright lowered the firm’s price target on Jasper Therapeutics (JSPR) to $40 from $60 and keeps a Buy rating on the shares after the company announced initial data from the BEACON study evaluating briquilimab for treatment of chronic spontaneous urticaria. The firm says this morning’s stock selloff is overdone “as there was clear evidence of efficacy with briquilimab and tolerable safety.” While some investors were likely hoping for every 12 weeks dosing, the eight week dosing is still positive and longer-term data will be more informative of potential differentiation versus competitors, contends H.C. Wainwright. It believes briquilimab data bode well competitively and its notes that patient numbers are still small. Jasper in midday trading is down 56%, or $9.84, to $7.88.