H.C. Wainwright launched coverage of Unum Therapeutics (NASDAQ:UMRX) with a “buy” rating and $18 price target. The stock closed at $4.47 on Dec. 19.
Analyst Andrew Fein writes that while most T-cell therapy players are focusing on tackling one or two aspects of the major challenges faced by CAR-T, the “differentiating value of Unum resides in its potential to address all aspects, especially its unique advantages in targeting solid tumors, where the largest commercial opportunities lie for new entrants in the space.”
Still, Mr. Fein said he is only assigning value to the company’s relapsed/refractory B-cell non-Hodgkin’s lymphoma (r/rNHL) and relapsed/refractory multiple myeloma programs.
For r/r B-cell NHL, his model includes both diffuse large B-cell lymphoma and follicular lymphoma indications, as “they represent significantly larger patient populations than primary mediastinal large B-cell lymphoma and mantle cell lymphoma patients, who are also being evaluated in Unum’s clinical trials,” he added.
While he is not assigning value to Unum’s solid tumor programs because it is in early-stage development and is of a less quantifiable nature, “we highlight our belief that the real value of Unum resides in the tremendous potential of antibody-coupled T-cell receptor cellsin tackling solid tumors, such as HER2+ cancers, the potential success of which should bring significant upside to our thesis.”
