Stifel Starts Third Harmonic Bio (THRD) at Buy

Stifel analyst Alex Thompson initiates coverage on Third Harmonic Bio (NASDAQ: THRD) with a Buy rating and a price target of $23.00.

The analyst comments "We’re initiating coverage on Third Harmonic Bio, Inc. (THRD) with a Buy Rating and $23 target price. Our bullish thesis is based on our view that mast cells represent a largely untapped pathogenic target for inflammatory conditions. THRD is the only oral wild-type KIT pure play, with potential first-in-class positioning. We view the inhibition of KIT as a highly-validated approach to treating mast cell driven diseases given the validation not only from CLDX’s Barzolvolimab, but also from THRD’s first-gen small molecule KIT inhibitor THB001 which demonstrated a clear efficacy signal prior to discontinuation of the program due to liver tox. Following elucidation of the reactive metabolite associated with the THB001 metabolic liabilities, THRD brought forward a next-gen compound, THB335 that avoids the issue and recently entered Ph1. Bottom line, we think there’s meaningful opportunity in urticaria and other mast cell diseases for a safe and efficacious oral."

For an analyst ratings summary and ratings history on Third Harmonic Bio click here. For more ratings news on Third Harmonic Bio click here.

Shares of Third Harmonic Bio closed at $13.33 yesterday.

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