JPMorgan Starts Vor Biopharma, Inc. (VOR) at Overweight

JPMorgan analyst Anupam Rama initiates coverage on Vor Biopharma, Inc. (NASDAQ: VOR) with a Overweight rating and a price target of $43.00.

The analyst comments: "Originally licensed from RemeGen, we see Vor’s telitacicept (dual APRIL/BAFF inhibitor) as highly de-risked across a range of indications (Vor owns ex-China rights to the asset). Prudently, the company has selected global focus indications that are less competitive within the mechanism/class but still have significant unmet need and, importantly, are de-risked by late-stage data from China (generated by RemeGen) – Myasthenia Gravis (MG) and primary Sjögren’s Disease (pSD) (approved or in the regulatory process already in China). Indeed, we conservatively assume blockbuster peak sales for telitacicept in the US alone for each of the Vor-led global-focused indications. We acknowledge that 2026 is largely a clinical execution year in both MG and pSD. That said, at current levels, we see a significant valuation disconnect in VOR shares based on the probability-adjusted value of telitacicept in MG and pSD alone. As the known late-stage data from China in both indications are better appreciated and there is progress in the global studies, we see the potential for VOR shares to grind higher (particularly, as the financing overhang is resolved).

Of note, we took a conservative approach to the model and would note that there are additional levers for upside to our price target as the MG and pSD programs progress, driven by penetration, price, peak sales, and probability of success. Importantly, should positive data play out in ongoing/planned studies in MG/pSD, we see telitacicept emerging as strategically attractive, given the market potential in initial global focus indications and the broad potential of the product’s mechanism (which has already been proven out by RemeGen)."

For an analyst ratings summary and ratings history on Vor Biopharma, Inc. click here. For more ratings news on Vor Biopharma, Inc. click here.

Shares of Vor Biopharma, Inc. closed at $8.36 yesterday.

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