Investing.com -- Barclays initiated coverage of four small- and mid-cap biotechnology companies in a note to clients on Thursday, calling the stocks differentiated platform plays with the potential to deliver meaningful advances across tumor types and treatment modalities.

Alpha Tau Medical, Cellectis, Immunome and Sutro Biopharma were all assigned Overweight ratings

Analyst Lukas Shumway told investors that while biotech investments carry binary risk, "investments made on the backs of differentiated platforms with sound scientific rationale, prior clinical data, and de-risked mechanisms skew that risk-reward to the upside."

Sutro and Immunome both operate in the antibody-drug conjugate space, which has attracted more than $125 billion in collaborative upfront payments and acquisitions since 2019.

Barclays said that "new ADC platforms need to be differentiated to deliver increased efficacy and improved safety to catch the attention of investors and strategic players."

Immunomedics is said to be approaching its first commercial approval, while Sutro's cell-free ADC generation platform addresses safety concerns while offering avenues for improved efficacy and durability.

Cellectis brings an allogeneic CAR-T platform to Barclays' coverage, with what the bank described as a "leapfrog" strategy to position assets around established autologous players rather than competing head-to-head, along with potential expansion into solid tumors and in vivo CAR-T.

Alpha Tau Medical rounds out the group with its Alpha DaRT radioactive implant technology, which Barclays said has demonstrated the potential to trigger immune responses to off-target lesions, giving it tumor-agnostic potential that sets it apart from the other names in the group.