SAB Biotherapeutics initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of SAB Biotherapeutics (SABS) with an Outperform rating and $12 price target. SAB’s fully-human anti-thymocyte globulin SAB-142 is “positioned as best-in-class for delaying type 1 diabetes onset and progression,” argues the analyst, who anticipates that next quarter’s safety readout will meaningfully derisk development. The firm adds that a recent monoclonal antibody approval in this setting “provides regulatory path clarity” and contends that Sanofi’s (SNY) acquisition of Provention Bio to gain ownership of Tzield last year “supports a sizable market opportunity.”