Instil Bio upgraded to Buy from Hold at Jefferies

Jefferies upgraded Instil Bio (TIL) to Buy from Hold with a price target of $52, up from $11. The firm sees significant upside for Instil Bio as its SYN2510 is the third U.S. asset with a global trial planned in 2025. Meanwhile, the stock is currently trading at cash, the analyst tells investors in a research note. The firm says SYN2510 is an early mover in the race and there is upside on both clinical data updates in the space and business development interests in the PD-(L)1xVEGF class drug class.