On Monday, BTIG reaffirmed its commitment to Jasper Therapeutics (NASDAQ:JSPR) with a Buy rating and a steady price target of $90.00. The endorsement follows Jasper Therapeutics' recent presentation of initial data from their SPOTLIGHT study, which evaluated the drug briquilimab for the treatment of Chronic Inducible Urticaria (CIndU). The data, which was presented earlier in the day, showed a notable 93% clinical response rate by day 15 across all doses, and an 83% complete response rate at the 120mg dose level. Furthermore, six complete responses were sustained at the six-week mark.
The company's findings also highlighted a strong safety and tolerability profile for briquilimab. No serious adverse events (SAEs), hypersensitivity reactions, anemia, hypopigmentation, or hair color changes were observed in the study. These results suggest that briquilimab could offer a distinct advantage in the treatment of mast cell diseases by combining high efficacy with favorable safety.
BTIG's outlook for briquilimab is optimistic, noting its potential to stand out in the Chronic Urticaria (CU) market. The firm anticipates that the drug could offer competitive efficacy, improved safety and tolerability, and a more convenient dosing regimen compared to existing treatments. This positive assessment is based on the preliminary data that demonstrates clear and rapid clinical activity and favorable safety.
The next set of data is expected to be released the week of January 6, 2025, when Jasper Therapeutics plans to present initial Chronic Spontaneous Urticaria (CSU) data from the BEACON study. This will include results from the fully enrolled 180mg Q8W dose cohort and the single 240mg dose. In the first half of 2025, the company also aims to reveal full SPOTLIGHT study results and announce an additional indication for briquilimab.
In other recent news, Jasper Therapeutics has reported promising initial data from its clinical trial, which evaluated the effects of briquilimab in Chronic Inducible Urticaria (CIndU). The SPOTLIGHT study demonstrated rapid responses within one week, with a 92% best response rate at the six-week mark, and a 58% Objective Response Rate (ORR) at the same six-week timepoint with a single 120mg dose of briquilimab.
Additionally, the treatment demonstrated a clean safety profile. Further data on briquilimab's efficacy in treating CIndU is expected to be released in the first half of 2025. Analyst firms, including TD Cowen, Oppenheimer, JMP Securities, H.C. Wainwright, and RBC Capital, have maintained positive ratings on Jasper Therapeutics.
The U.S. Patent and Trademark Office has registered a trademark for Jasper's proprietary Jasper c-Kit Mouse™ model, which has been instrumental in the clinical development of briquilimab. Jasper Therapeutics has also received clearance from Health Canada to commence a Phase 1b/2a clinical trial for briquilimab as a potential treatment for asthma.
InvestingPro Insights
To complement BTIG's positive outlook on Jasper Therapeutics (NASDAQ:JSPR), recent data from InvestingPro offers additional context for investors. Despite the promising clinical results, InvestingPro Tips highlight that Jasper is "quickly burning through cash" and "not profitable over the last twelve months." This aligns with the company's current stage of drug development and the significant investments required for clinical trials.
On a positive note, InvestingPro data shows that Jasper's stock has seen a substantial 72.09% price total return over the past year, reflecting investor optimism about the company's potential. However, the stock's recent performance has been more volatile, with a -34.02% return over the last month, possibly due to market reactions to ongoing clinical developments.
For those considering an investment in Jasper Therapeutics, it's worth noting that InvestingPro has 11 additional tips available, offering a more comprehensive analysis of the company's financial health and market position. These insights could be particularly valuable given the critical juncture Jasper is at with its briquilimab development.
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