Buy Rating on Humacyte Driven by Promising Clinical Data and Strong Growth ProspectsValuation and Risks. We value the shares of HUMA using risk-adjusted net present value (rNPV) analysis. We are assuming a 10.0% discount rate in our analysis, which we derived from our calculation of Humacyte’s weighted average cost of capital, and a 0.0% terminal growth rate. We derive an NPV of $665.8M and add in net cash and equivalents of $19.5M to arrive at a 12-month price target of $3.06, which we round to $3.00. Risks. (1) clinical, (2) commercial, (3) collaboration, (4) dilution, (5) legal and intellectual property, (6) competition.