SAB Biotherapeutics initiated with an Outperform at Leerink

Leerink initiated coverage of SAB Biotherapeutics (SABS) with an Outperform rating and $7 price target SAB is a clinical-stage biotech focused on the development of lead asset SAB-142 – a first-in-class, human, multi-target anti-thymocyte globulin aimed at preventing or delaying progression of Type 1 Diabetes. The firm views SAB-142’s mechanism as partially derisked in T1D based on multiple clinical studies evaluating rabbit ATG, which has shown an ability to preserve an important biomarker of beta cell function and delay T1D progression. Leerink sees ample commercial opportunity for SAB-142 based on MEDACorp KOL feedback highlighting the significant unmet need among newly diagnosed T1D patients and lack of approved therapies for delaying or preventing progression of the disease.