Gracell Bio rises after Stifel initiates coverage with 'buy'

Gracell Biotechnologies

19/10/2023 15:06

(Updates)
    ** U.S.-listed shares of China-based drug developer Gracell
Biotechnologies  GRCL.O  up 2.3% at $2.7
    ** Brokerage Stifel initiates stock coverage with "buy"
rating and $11 PT
    ** PT represents a more than fourfold upside to stock's last
close at $2.6
    ** GRCL's immune therapy will emerge as a high efficacy
option for the treatment of systemic lupus erythematosus (SLE),
Stifel says
    ** Initial data for the therapy will be positive and
increase investor excitement - brokerage
    ** SLE is an autoimmune disease in which the immune system
attacks its own tissues, causing widespread inflammation and
tissue damage
    ** All 8 brokerages covering the stock rate "buy" or higher;
median PT is $11 - LSEG data
    ** U.S.-listed GRCL stock up 15.7% YTD

 (Reporting by Christy Santhosh and Pratik Jain in Bengaluru)
 ((Christy.Santhosh@thomsonreuters.com))