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JP Morgan initiated coverage of Cargo Therapeutics (NASDAQ:CRGX) with an overweight rating, citing encouraging Phase 1 data for its drug candidate CRG-022 in the treatment of large B-cell lymphoma.
“The magnitude of clinical response in Phase 1 positions CRG-022 as the key treatment option for the growing CD19 failure market,” the bank analysts wrote in a note. “More importantly, it provides a solid support to CRGX’s valuation.”
JP Morgan said it estimated peak sales for CRG-022 of $1.1B from CD19 treatment failure alone.
The investment bank set its price target for the stock at $23.