Zenas BioPharma initiated with an Overweight at Morgan Stanley

Morgan Stanley initiated coverage of Zenas BioPharma with an Overweight rating and $40 price target Early clinical data for lead asset obexelimab is encouraging, and Morgan Stanley sees potential for the therapy to differentiate across safety and efficacy in large inflammation and immunology-directed opportunities, the analyst tells investors in a research note. The firm sees “significant room” for Zenas shares to rise through Phase II/III updates in 2024 and 2025.