Zenas BioPharma initiated with an Outperform at Wolfe Research

Wolfe Research initiated coverage of Zenas BioPharma (ZBIO) with an Outperform rating and $19 price target After its IPO in September 2024, the stock traded down significantly along with many earlier-stage biotechs following the “November biotech debacle with RFK”, even as many commercial-stage biotechs outperformed, and while some sort of “mean reversion” may occur, Wolfe is bullish on Zenas this year, the analyst tells investors in a research note. The stock is also trading near cash, with upside that is greater than downside on almost all of the company’s catalysts, the firm added.