On Wednesday, Oppenheimer reiterated its Outperform rating and $80.00 price target for Jasper Therapeutics (NASDAQ:JSPR), following the company's report on the initial results from its BEACON study. The clinical-stage biotechnology company, with a market capitalization of approximately $1.8 billion, is developing innovative treatments for chronic conditions.
The study evaluated the efficacy of briquilimab in treating Chronic Spontaneous Urticaria (CSU). Despite the perception of mixed data due to the small size of the patient group, the firm believes the results are strong enough to justify progressing the drug to late-stage development.
The study showed that several patient cohorts experienced a reduction in UAS7 scores of more than 20 points. This suggests that briquilimab's effectiveness is comparable to that of barzolvolimab, a benchmark in CSU treatment. Notably, all patients in the 240mg single-dose cohort attained a complete response that lasted for eight weeks.
In terms of safety, the adverse events (AEs) reported were mostly mild or low grade and considered to be on-target. Only one instance of Grade 3 neutropenia was reported, which was determined to be unrelated to the treatment with briquilimab.
Encouraged by these findings, Jasper Therapeutics plans to expand the cohorts in the study and is on schedule to initiate a registrational program in CSU. The company expects to start a Phase 2b study in the second half of 2025. This step forward reflects Jasper Therapeutics' commitment to developing treatments for CSU and potentially providing new options for patients affected by this chronic condition.
In other recent news, Celldex Therapeutics (NASDAQ:CLDX) has been making significant progress in its clinical trials. The company reported positive Phase 2 data for its drug barzolvolimab, demonstrating sustained efficacy and a well-tolerated safety profile in treating Chronic Spontaneous Urticaria (CSU) and Chronic Inducible Urticaria (CIndU). Analyst firms such as H.C. Wainwright, TD Cowen, and Citi have maintained their Buy ratings on Celldex, reflecting confidence in the company's clinical developments. Stifel reiterated its favorable stance on Celldex, highlighting its potential as a leader in the mast cell disease space.
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