On Monday, Citi reiterated its Buy rating on Caribou Biosciences Inc. (NASDAQ:CRBU) stock with a steady price target of $30.00. The firm's analysis suggests that Caribou Biosciences' strategy of partial HLA-matching for its CB-010 treatment is showing promising results.
In particular, a progression-free survival (PFS) of 14.4 months in patients with four or more HLA matches is noted as competitive, especially when compared with results from other studies like ZUMA-7/TRANSFORM in second-line large B-cell lymphoma (LBCL).
While acknowledging the small sample sizes in the CB-010 study, Citi points out that the data is balanced by the enrollment of a more severe patient population in the ANTLER study, who are ineligible for autologous CAR-T therapies.
The firm believes that the translational pharmacokinetic and pharmacodynamic data supports the HLA-match strategy, with CB-010 demonstrating increased persistence and expansion in patients with a higher number of HLA matches.
Citi's outlook on Caribou Biosciences is positive, with the expectation that the HLA-matching strategy will lead to higher probability of success in future studies of CB-010.
The firm also suggests that this strategy could bolster investor confidence as Caribou Biosciences continues on its path to approval and market positioning. The introduction of the HLA-matching approach is seen as a significant development in the company's clinical progress.
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