Jasper Therapeutics price target lowered to $12 from $70 at Citizens JMP

Citizens JMP lowered the firm’s price target on Jasper Therapeutics (JSPR) to $12 from $70 and keeps an Outperform rating on the shares after the company disclosed updates for the Phase 1b/2a BEACON study of briquilimab for chronic spontaneous urticaria. The CSU readout fell flat due to a likely manufacturing issue and the company will try again in 4Q25, which further increases pressure from a financing overhang, the analyst tells investors in a research note. Based on new data from the interim update from the single dose and early look at the open-label extension, the firm continues to have confidence in our view that briquilimab can be differentiated on a dosing schedule and risk/benefit profile.