UPDATE: Goldman Sachs Starts Vor Biopharma, Inc. (VOR) at Neutral
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Goldman Sachs analyst Andrea Tan initiates coverage on Vor Biopharma, Inc. (NASDAQ: VOR) with a Neutral rating and a price target of $6.00.
The analyst comments "We initiate on Vor Biopharma (VOR) with a Neutral rating and 12-month PT of $6. VOR is an early stage clinical company leveraging novel cell and gene engineering techniques to cure blood cancers, with lead product VOR33 (engineered hematopoietic stem cells lacking CD33 expression) under evaluation in the Ph1/2a VBP101 trial in patients with acute myeloid leukemia (AML). We await proof-of-concept via initial clinical data (day 28 engraftment) in 2H22, however we are on the sidelines given the inherent technology risk and note VOR33's value proposition of improved safety from CD33-targeted therapies and enhanced clinical benefit remains to be determined. Separately, VOR is pursuing development of VCAR33 (anti-CD33 CAR T; in-licensed from the NIH), where an autologous cell version (VCAR33AUTO) is in a National Marrow Donor Program (NMDP)-sponsored trial in the bridge-to-transplant setting. Data are expected in 2022, albeit we see limited readthrough to VOR's own allogeneic VCAR33ALLO program (1H23 IND) or the VOR33 + VCAR33ALLO Transplant System, the latter of which we are more constructive on, however note multiple gating factors ahead of clinical advancement. Net, we take a wait-and-see approach into the data to gain conviction on the programs, whilst noting a crowded competitive landscape in AML."
Shares of Vor Biopharma, Inc. closed at $5.60 yesterday.
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