SVB Leerink starts Harpoon Therapeutics at OP; PT $25

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SVB Leerink initiated coverage of Harpoon Therapeutics (NASDAQ:HARP) with an “outperform” rating and $25 price target. The stock closed at $17.01 on March 4.

Harpoon is a clinical-stage immuno-oncology company developing tri-specific antibody-derived therapeutics for the treatment of cancer.

Analyst Jonathan Chang writes that Harpoon’s next-generation T-cell engaging platform combines the size advantages of nanobodies with a proprietary albumin-binding domain for extended half-life.

“Harpoon has leveraged its TriTAC platform, which can be tailored to different tumor antigen targets, to generate a robust early-stage pipeline across solid and hematologic tumors,” he added.

“We believe the combination of small size, extended half-life, and stable structure of the TriTAC platform positions Harpoon favorably within the highly competitive bispecific landscape,” he added.

While the pipeline is in early-stage development, “we have a positive long-term outlook on the stock based on Harpoon's differentiated platform, and consensus positive MEDACorp key opinion leader feedback,” Mr. Chang said.

Stephen Kilmer