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  • SVB Leerink initiated coverage on Nkarta Inc NKTX with an Outperform rating and a price target of $30 (117% implied upside).
  • The analysts believe Nkarta is well-positioned to compete given the company’s deep biologic expertise in NK cells, as evidenced by extensive publication on programs and fundamental biology.
  • Nkarta’s donor peripheral blood-derived NK cell platform is a commercially scalable platform with validated component technologies, SVB writes.
  • Related: Investors Cheer Nkarta’s First NK Cell Data With Multiple Complete Responses.
  • The analysts see an opportunity for NKX019 in B-cell lymphoma, even with auto-CAR-T going earlier-line and T-cell engagers (TCEs) emerging as a competitive off-the-shelf therapy, citing CAR-NK offers unique advantages over other modalities.
  • SVB writes that competitive risk for the company’s lead NKX019 and NKX101 programs are also plentiful, particularly for NKX019, given the breadth and strength of CD19 or CD20-targeted cell therapies (autologous or allogeneic) and T-cell engagers (TCEs). 
  • Price Action: NKTX shares are down 2.75% at $13.80 during the market session on the last check Monday.

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