Buy Rating Affirmed for Carisma Therapeutics Amid Promising Cancer Treatment Developments

Analyst Mitchell Kapoor from H.C. Wainwright reiterated a Buy rating on Carisma Therapeutics (CARM – Research Report) and decreased the price target to $8.00 from $9.00.

Mitchell Kapoor has given his Buy rating due to a combination of factors surrounding Carisma Therapeutics’ ongoing research and development in cancer treatments. Kapoor is optimistic about the potential of Carisma’s CT-0508 in combination with Keytruda, despite some early patients experiencing progressive disease. There is anticipation for the full dataset from the combination study, which could reveal positive trends. Additionally, Kapoor believes that interventions taken by Carisma to limit steroid use may provide a clearer understanding of CT-0508’s efficacy. He also notes the favorable safety and tolerability profile of the CT-0508 and Keytruda combination, which contributes to the positive outlook.
Further boosting the Buy rating is the potential of CT-0525, Carisma’s newer therapy that is expected to offer advantages over CT-0508, such as higher cell dose levels and more robust anti-tumor responses due to better T cell engagement. Kapoor alludes to promising preclinical data and the superior process of generating CAR-Monocytes, which is likely to yield more potent anti-tumor effects. The anticipation of initial monotherapy data for CT-0525 by the end of 2024 and the expectation of early combination data with Keytruda in 2025 underpin Kapoor’s confidence in Carisma Therapeutics’ stock, warranting the Buy rating despite a slight decrease in the price target.

According to TipRanks, Kapoor is an analyst with an average return of -5.6% and a 45.16% success rate. Kapoor covers the Healthcare sector, focusing on stocks such as Legend Biotech, Halozyme, and Cartesian Therapeutics.

In another report released yesterday, Capital One Financial also reiterated a Buy rating on the stock with a $10.00 price target.

TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.

Carisma Therapeutics (CARM) Company Description:

Sesen Bio, Inc. engages in designing, engineering, and developing of targeted protein therapeutics. It offers the Vicinium and Proxinium which target tumor cell surface antigens that allow for rapid internalization into the targeted cancer cell and also have limited expression on normal cells. The company was founded by Reza Dana, K. Christopher Garcia, Gregory L. Verdine, Casey T. Weaver and K. Dane Wittrup on February 25, 2008 and is headquartered in Cambridge, MA.