Lyell Immunopharma initiated with a Buy at Needham

Needham initiated coverage of Lyell Immunopharma (LYEL) with a Buy rating and $44 price target The firm says the company’s ronde-cel is in the “pole position” for second-line diffuse large B-cell lymphoma. Lyell’s “bold head-to-head development strategy” has the potential to make ronde-cel the CAR-T of choice in second-line DLBCL, the analyst tells investors in a research note. Needham views the company as an “under-the-radar name with undervalued assets.”