Jasper Therapeutics price target lowered to $48 from $68 at RBC Capital

RBC Capital analyst Gregory Renza lowered the firm’s price target on Jasper Therapeutics (JSPR) to $48 from $68 and keeps an Outperform rating on the shares. The selloff in Jasper shares following BEACON’s initial data “serves as another reminder of the limited tolerance for uncertainties in the current biotech environment,” the analyst tells investors in a research note. The firm acknowledges the dataset “could have been more robust,” but believes the market reaction is “outsized” considering the efficacy signals at 240mg and the early safety profile. Improved clarity on briquilimab’s benefits and risks at the go-forward doses could provide a re-rating opportunity for the shares, contends RBC. The firm cites its “evolving view” on briquilimab’s positioning in the chronic spontaneous urticaria treatment landscape for the target cut.