RBC downgrades Jasper Therapeutics on questions about briquilimab

As previously reported, RBC Capital downgraded Jasper Therapeutics (JSPR) to Sector Perform from Outperform with a price target of $5, down from $46. While the firm thinks Jasper’s early data supports a rapid onset of complete response that may remain durable and a better safety profile, positioning lead asset briquilimab favorably against key competitor Celldex’s (CLDX) agent barzolvolimab, it argues that questions around manufacturing, cash runway, relative timing versus Celldex and the degree of differentiation will be “challenging to fully address in the near-term” following yesterday’s updates. The firm is stepping to the sidelines pending greater visibility on a path forward for briquilimab, the analyst tells investors.