PureTech Health assumed with an Outperform at Leerink

Leerink assumed coverage of PureTech Health with an Outperform rating with a price target of $45, down from $58, as part of the firm’s initiation of coverage of the Emerging Immunology sector. At current stock levels, the firm thinks PureTech’s valuation reflects little credit for several shots on goal across wholly owned and spinoff entities. In particular, Leerink thinks LYT-100 data in IPF could be a positive near-term catalyst.