Buy Rating Affirmed: Promising Clinical Data and Strategic Shift Bolster Carisma Therapeutics’ Outlook

Analyst Jack Allen of Robert W. Baird maintained a Buy rating on Carisma Therapeutics (CARM – Research Report), with a price target of $10.00.

Jack Allen has given his Buy rating due to a combination of factors surrounding Carisma Therapeutics’ recent clinical data and strategic focus on innovative cancer treatments. Allen is encouraged by the preliminary clinical outcomes of CT-0508 in combination with pembrolizumab, specifically noting the stable disease and significant lesion reduction in a patient with esophageal adenocarcinoma. This is particularly noteworthy considering the limited efficacy of pembrolizumab monotherapy in this cancer type. The analyst expects further data from subsequent cohorts to support the potential of Carisma’s therapy.
Allen also acknowledges the issue with the administration of steroids to the first two patients, which somewhat complicates the interpretation of early data. However, the expectation of additional data from the second cohort of patients later in the quarter, coupled with the strategic shift towards the CT-0525 program, suggests a trajectory for more robust data and potential therapeutic advances. The company’s pivot to focus on their HER2 programs and the promising initial results of Carisma’s monotherapy on liver metastases further underpin Allen’s positive outlook for Carisma Therapeutics.

In another report released yesterday, BTIG also initiated coverage with a Buy rating on the stock with a $6.00 price target.

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Carisma Therapeutics (CARM) Company Description:

Sesen Bio, Inc. engages in designing, engineering, and developing of targeted protein therapeutics. It offers the Vicinium and Proxinium which target tumor cell surface antigens that allow for rapid internalization into the targeted cancer cell and also have limited expression on normal cells. The company was founded by Reza Dana, K. Christopher Garcia, Gregory L. Verdine, Casey T. Weaver and K. Dane Wittrup on February 25, 2008 and is headquartered in Cambridge, MA.