TD Cowen initiated coverage of Harpoon Therapeutics (HARP) with an Outperform rating and no price target. Harpoon’s HPN328 is competitive with Amgen’s (AMGN) tarlatamab at lower doses and in sicker patients and “could therefore be best-in-class in 2L+ SCLC in the higher dose” data due in the first half, the analyst tells investors. Harpoon is “receiving next to no credit” for its $730M peak potential, while first-line combo data in mid-2024 could enable a first-to-market approach, where “the opportunity is 2-4x larger,” the analyst added.
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