H.C. Wainwright has maintained a Buy rating and a $65.00 price target on shares of Jasper Therapeutics (NASDAQ: JSPR). The firm's stance comes after Jasper Therapeutics reported their second-quarter financial results on August 13 and provided a corporate update, which included details on their BEACON study's progress. The BEACON study is a significant Phase 1b/2 clinical trial that is currently evaluating the efficacy of briquilimab in treating chronic spontaneous urticaria (CSU).
The company has recently expanded the BEACON study to include a new cohort of patients who will receive a 180 mg dose of the drug every eight weeks. This addition was prompted by faster than anticipated enrollment and the company's desire to thoroughly investigate the dose-response relationship of briquilimab before moving on to larger clinical trials. Prior to this, the study's Part B cohorts were receiving doses of 80 mg and 120 mg every eight weeks or 120 mg and 180 mg every twelve weeks.
Jasper Therapeutics emphasized that the expansion to include the 180 mg dose every eight weeks was an independent decision, not influenced by any recommendations from the Food and Drug Administration (FDA) or the Independent Data Monitoring Committee (IDMC). The company pointed out that the study is double-blind, meaning that while safety data has been observed, efficacy results remain unseen.
The firm's analyst highlighted that the decision to add the new dosing cohort was a strategic move to determine the most effective dose for future advanced studies. Jasper Therapeutics anticipates presenting the complete data from the BEACON and SPOTLIGHT studies at a medical conference scheduled for early 2025.
Jasper Therapeutics has seen adjustments in its financial outlook. RBC Capital has revised its price target for Jasper to $68 from $70 while maintaining an Outperform rating. This change follows a slight delay in the BEACON trial readout for Jasper's leading drug, briq, now expected in the fourth quarter of 2024. Meanwhile, TD Cowen, BTIG, and Stifel have initiated coverage with a Buy rating, with BTIG setting a price target of $90.00 and Stifel at $86.00, highlighting the potential of Jasper's Briqui.
These developments are in line with updates on Jasper Therapeutics' clinical trials. The SPOTLIGHT study in Chronic Inducible Urticaria and a trial for asthma are both scheduled for the fourth quarter of 2024. Furthermore, Jasper is preparing for a proof-of-concept asthma challenge study, also slated for the fourth quarter of 2024.
InvestingPro Insights
As Jasper Therapeutics (NASDAQ:JSPR) progresses with its BEACON study, real-time data from InvestingPro highlights several financial metrics that may interest investors monitoring the company's performance. With a market capitalization of $284.36 million, Jasper Therapeutics holds a notable position in its sector. Despite a challenging earnings backdrop, as indicated by a negative P/E ratio of -4.34 and adjusted LTM as of Q1 2024 at -4.4, the company has experienced a significant return over the last week, with a 15.86% increase in its stock price.
InvestingPro Tips reveal that Jasper Therapeutics holds more cash than debt, which can be a reassuring sign for investors concerned about the company's financial health. Additionally, the company's liquid assets exceed its short-term obligations, providing a cushion for operational needs. However, analysts contributing to InvestingPro do not anticipate the company will be profitable this year, which aligns with the reported negative operating income of -$69.99 million in the last twelve months leading up to Q1 2024.
It's worth noting that the stock price is currently at 60.79% of its 52-week high, and the InvestingPro Fair Value estimate stands at $17.74, which is slightly below the previous close price of $18.85. For investors looking for more in-depth analysis, there are additional InvestingPro Tips available that delve into other aspects of Jasper Therapeutics' financial and operational performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.