Caribou extends gains as SVB Leerink raises target after early data for CAR-T asset

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Gene editing biotech Caribou Biosciences (NASDAQ:CRBU) has recorded the best intraday gain on Thursday after releasing Phase 1 data for its allogeneic anti-CD19 CAR-T cell therapy CB-010 in relapsed or refractory B cell non-Hodgkin lymphoma.

Noting the favorable early results, SVB Leerink has raised the price target on Caribou (CRBU) to $34 per share.

The firm points out that all five patients who received the drug at the lowest dose responded to the drug with an overall response rate of 100%, while 80% of patients had no detectable evidence of cancer.

Comparing the results with those of other Phase 1/2 allogeneic CD19 CAR-T drugs, CTX110 from CRISPR Therapeutics (CRSP) and ALLO-501 from Allogene Therapeutics (ALLO), SVB Leerink argues that CB-010 outperformed rival therapies.

With safety data mostly in line with expectations, the firm highlights the best-in-class potential of the drug given the higher efficacy as Caribou (CRBU) plans to test the candidate at a higher dose in another group of patients. SVB Leerink maintained the Outperform rating on the stock.

Meanwhile, Citi raised the price target on Caribou (CRBU) to a Street high of $39 per share following data readout.

The company has five Strong Buy ratings and an average price target of $27.43 per share on Wall Street, currently.