Jasper Therapeutics price target lowered to $20 from $40 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Jasper Therapeutics (JSPR) to $20 from $40 and keeps a Buy rating on the shares after the company’s “surprising update” that the 240 mg every 8 week and 240 mg loading dose plus 180 mg every 8 week cohorts in the BEACON trial evaluating briquilimab for treatment of chronic spontaneous urticaria were impacted by issues with one drug product lot. The firm updated its model to shift its launch estimates for CSU and chronic inducible urticaria in the U.S. to 2030 and 2031, respectively, and to account for the company’s cost-cutting plans and lower operating expenses in 2025. However, the firm still believes the company will need to raise capital and currently estimates a $5M raise.