Gracell Biotech surges as BTIG initiates with 'buy'

Gracell Biotechnologies

04/04/2022 19:52

** U.S.-listed shares of China-based Gracell Biotechnologies
 GRCL.O  jump nearly 21% to $2.71 as brokerage BTIG initiates
coverage on stock with "buy" rating and $18 PT
    ** Brokerage says it believes GRCL is "one of the most
undervalued cell therapy companies" due to robust clinical data
of lead drug in treating high-risk multiple myeloma, an
experienced management team, with multiple drug pipeline
    ** "Stock underperformance detached from core company
fundamentals," adds brokerage
    ** Despite session's gain, stock down nearly 55% YTD,
compared with a 9% decline in the Nasdaq Biotechnology index
 .NBI 
    ** All three brokerages covering GRCL rate the stock "buy"
or higher; their median PT is $25 - Refinitiv data

 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com ; Twitter: https://twitter.com/LeroyLeo7;))