Vor Biopharma, Inc. (VOR) PT Lowered to $17 at Stifel

Stifel analyst Stephen Willey lowered the price target on Vor Biopharma, Inc. (NASDAQ: VOR) to $17.00 (from $21.00) while maintaining a Buy rating.

The analyst commented, "We’re reiterating our Buy-rated thesis on VOR shares following management’s earnings announcement and corporate update. We believe preliminary YE22 data from the first-in-human P1 trial evaluating VOR33 in AML patients at risk-of-relapse represents an important de-risking event for the program (despite what is anticipated to be a very limited amount of patient data) – as the ability to achieve successful engraftment with an engineered eHSC lacking CD33 remains a rate-limiting step for this program and provides important read-through for the entire platform. We believe the post-engraftment treatment of these patients with CD33-targeting therapy (preliminary data is anticipated in 1H23) which achieves sparing of the (usually severe) hematological toxicity associated with Mylotarg will prove an equally-critical data point informing the longer-term value proposition. The absence of VCAR33-AUTO data by YE22 is, in our opinion, insignificant, given the prioritization of VCAR33-ALLO (IND expected 1H23). Reduced target price (now $17) mostly-reflects revised financing assumptions."

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