Morgan Stanley Resumes Lakefront Biotherapeutics (LKFT) at Equalweight

Morgan Stanley analyst Judah Frommer resumes coverage on Lakefront Biotherapeutics (NASDAQ: LKFT) with a Equalweight rating and a price target of $30.00.

The analyst comments: “With the recent closing of the Ouro Medicines acquisition, LKFT and GILD (covered by Terence Flynn) have acquired the rights to gamgertamig, a potential best-in-class BCMA-directed T cell engager with lower affinity for CD3, which may support a more favorable safety profile (e.g., lower CRS risk) in autoimmune conditions. LKFT/ GILD are prioritizing development in rare autoimmune indications that offer the potential for a capital-efficient unlock of blockbuster opportunities. Because of LKFT's relevant collaboration economics, gamgertamig contributes modestly to our DCF currently, but data readouts and development updates in the coming quarters could move its contribution higher. LKFT's significant level of remaining cash/ investments (>€2B) on the balance sheet underscore reasonable likelihood that business development updates - in the context of the Option, License and Collaboration Agreement or OLCA with GILD - will remain a significant focus for investors near-term.”

For an analyst ratings summary and ratings history on Lakefront Biotherapeutics click here. For more ratings news on Lakefront Biotherapeutics click here.

Shares of Lakefront Biotherapeutics closed at $30.59 yesterday.

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