De-Risked Lead Asset and Underappreciated Pipeline Upside Support Buy Rating on Protara

Protara Therapeutics (TARA) has received a new Buy rating, initiated by J.P. Morgan analyst, Brian Cheng.

Brian Cheng has given his Buy rating due to a combination of factors that, in his view, materially de-risk Protara’s lead asset and support substantial upside versus the current valuation. He argues that TARA-002, as a closely validated analogue of an existing therapy, benefits from extensive prior clinical experience, reducing development risk in both non-muscle invasive bladder cancer and lymphatic malformations, while also facing high barriers to generic competition.

He further believes TARA-002 can effectively act as a next-generation alternative to BCG in high-risk, BCG-naive bladder cancer, addressing persistent supply constraints and potentially capturing a meaningful share of that market. In addition, Cheng views the lymphatic malformation indication and the IV choline program for parenteral support as underappreciated upside drivers that diversify the pipeline and enhance the long-term growth profile, supporting his discounted cash flow-based price target that implies significant appreciation from current levels.

In another report released on February 24, JonesTrading also maintained a Buy rating on the stock with a $25.00 price target.