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On Monday, Oppenheimer reaffirmed its positive stance on Jasper Therapeutics (NASDAQ:JSPR), maintaining an Outperform rating and a price target of $80.00 - a significant premium to the current trading price of $5.58. According to InvestingPro data, the stock appears undervalued based on its Fair Value analysis, despite falling over 70% in the past year. Additional InvestingPro insights reveal the company holds more cash than debt on its balance sheet, though it’s currently burning through cash reserves. The endorsement comes after Jasper Therapeutics presented results from the Phase 1b/2a BEACON study of its drug briquilimab for the treatment of chronic spontaneous urticaria (CSU) at the recent American Academy of Allergy, Asthma & Immunology (AAAAI) meeting.
The study’s findings have bolstered confidence in advancing briquilimab to a Phase 2b program in the second half of 2025. According to Oppenheimer, briquilimab’s unique c-Kit mediated mechanism offers a promising treatment option, especially noted for its rapid and profound mast cell depletion and relatively short half-life. These characteristics could potentially offer patients a fast-acting and durable treatment with superior tolerability.
The BEACON study targeted a specific patient group that had not responded to Xolair, an existing treatment for CSU, indicating that the participants represented a severe and uncontrolled segment of the CSU population. This was further evidenced by their slightly elevated baseline serum tryptase levels.
Jasper Therapeutics has received the green light to enroll patients in new cohorts of the study, with additional data anticipated by mid-2025. The company’s progress and the promising results from the BEACON study continue to underpin Oppenheimer’s optimistic view of Jasper Therapeutics’ prospects in developing effective treatments for CSU.
In other recent news, Jasper Therapeutics reported a net loss of $1.62 per share for the fourth quarter of 2024, concluding the period with $72 million in cash and cash equivalents. This financial update led Cantor Fitzgerald to maintain its Overweight rating on the company, adjusting its 2025 earnings per share estimates to align with the latest financial results and guidance. Meanwhile, RBC Capital Markets lowered its price target for Jasper Therapeutics to $48.00 from $68.00, despite positive efficacy signs for its drug candidate, briquilimab, in the BEACON study. The firm retains an Outperform rating, citing potential for reevaluation as new data emerges.
JMP Securities also maintained its Market Outperform rating with a $70.00 price target, noting that upcoming data could alter market perceptions of briquilimab’s potential. Stifel analysts reiterated their Buy rating with an $80.00 price target, expressing optimism about the drug’s differentiation potential. Jasper Therapeutics is preparing to present further data on briquilimab at the American Academy of Dermatology Annual Meeting, focusing on its effects on chronic spontaneous urticaria. This presentation follows preliminary results indicating a meaningful reduction in disease activity among patients. Investors are closely monitoring these developments, as they could significantly impact Jasper Therapeutics’ market positioning and valuation.
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