2. Jasper Therapeutics, Inc. (NASDAQ:JSPR)
1-Year Share Price Performance: ~262%
2-Year Share Price Performance: ~255%
Average Price Target Upside: 192.52%
Jasper Therapeutics, Inc. (NASDAQ:JSPR) is a clinical-stage biotech company focused on developing treatments for hematopoietic stem cell transplants and gene therapies. Its main candidate, briquilimab, is an antibody designed to clear bone marrow stem cells in preparation for allogeneic stem cell or gene therapy.
The company is advancing treatments for conditions such as chronic spontaneous urticaria (a skin condition characterized by the sudden, recurring appearance of itchy hives), myelodysplastic syndrome (group of disorders caused by poorly functioning blood cell production in the bone marrow), and stem cell transplant conditioning. It is also exploring stem cell therapies for rare diseases, including sickle cell disease, Fanconi anemia, and a few others.
On November 7, Jasper (NASDAQ:JSPR) reported its third-quarter 2024 results and provided an update on its clinical programs. The company announced the closure of its legacy study in lower-risk myelodysplastic syndromes (LR-MDS) and highlighted progress in its mast cell disease development programs. Preliminary data from the SPOTLIGHT study showed that 93% of patients treated with briquilimab for cold urticaria and symptomatic dermographism responded clinically, with no serious adverse events.
The company also received regulatory clearance in the U.S. and EU to expand its BEACON study in chronic spontaneous urticaria (CSU) and launched an asthma challenge study. In the LR-MDS study, briquilimab was well-tolerated but did not improve hematopoiesis, leading to the discontinuation of development for this indication. The company anticipates presenting further data in early 2025.
Jasper (NASDAQ:JSPR) reported cash and cash equivalents of $92.5 million as of September 30. Research and development expenses totaled $14.5 million, which included $0.6 million in stock-based compensation. General and administrative expenses were $5.4 million, with $1.4 million allocated to stock-based compensation. The company posted a net loss of $18.6 million or a basic and diluted net loss per share of $1.24.
JMP Securities keeps an optimistic outlook of the company’s latest results as its analyst Silvan Tuerkcan maintained a Buy rating on Jasper Therapeutics with a $70.00 price target, as reported by TipRanks on November 8. The rating reflects optimism surrounding the company’s briquilimab program, especially the BEACON Phase 1b/2a study, which shows promise for CSU treatment. Initial data from this study is expected in early 2025.
Despite halting the LR-MDS program due to limited benefits, positive insights into briquilimab’s safety profile continue to support its potential. Early results from the SPOTLIGHT study also highlight briquilimab’s efficacy in treating mast cell-mediated diseases. The company’s solid cash reserves further support its ability to continue its studies and support future growth.
