WB starts Autolus Therapeutics at OP; valuation of $38


William Blair launched coverage of Autolus Therapeutics (NASDAQ:AUTL) with an “outperform” rating and risk-adjusted valuation of roughly $38. The stock closed at $20.86 on July 17.

“Based on our view, the company’s next-generation CAR-T therapies have the potential to become the best-in-class products across multiple indications and the company is positioned for long-term success through continued innovation,” writes analyst Matthew Phipps.

He said AUTO 2 and AUTO 3 are Autolus’ first dual-targeting CAR-Ts and have the potential to drive deeper responses and prevent antigen negative relapse.

“We believe the ability of AUTO 2 and AUTO 3 to target two different antigens independently significantly reduces the potential for antigen negative disease relapses, which could result in more durable responses,” he added. 

Mr. Phipps said initial dose escalation results from Phase 1 studies with AUTO 3 are expected at the American Society of Hematology meeting in December, and will be an “important catalyst for the stock.”

Melane LaBelle Sampson