Jade Biosciences price target raised to $34 from $24 at Wedbush

Wedbush analyst Laura Chico raised the firm’s price target on Jade Biosciences (JBIO) to $34 from $24 and keeps an Outperform rating on the shares. Preliminary Phase 1 JADE101 data will be presented at the ERA Congress. The firm’s base case assumes JADE101 demonstrates IgA reductions at least on par with sibeprenlimab. Wedbush sees about 20% upside from current levels with this profile. The firm sees downside risk to the mid-teens on a complete miss, but upside to the high-30s can be unlocked with better-than-anticipated IgA reductions and/or longer dosing intervals.