Caribou Biosciences: Promising Financials and Clinical Success Drive Buy RatingValuation and Risks. We employ a discounted cash flow (DCF)-based approach, which utilizes an 11% discount rate, a 1.0% terminal growth rate, and an effective tax rate of 29.84%. We also ascribe a 60% probability of approval for vispa-cel (CB-010) and a 35% probability of approval for CB-011. These assumptions yield a total market value of $839M, which translates into a 12-month price objective of $9 per share.