RHHBY - Cowen initiates Nautilus Biotech with an outperform; shares up 10%

Cowen has initiated Nautilus Biotechnology (NAUT +10.5%) with an outperform rating citing the company's early success in "unlocking" the proteome which could help in development of treatments for diseases. The firm does not have a price target on shares. Analyst Max Masucci says that the risk of Nautilus' "market opportunity" is low given the insights its technology can provide and the users it can benefit, including researchers and biopharma companies. "Longer-term, if NAUT executes on its key milestones ahead of its planned late 2023/early 2024 broad commercial launch, we see room for upside in the stock," he adds. Masucci says the company could potentially be a commercial-stage entity in 2024. Nautilus has a research collaboration with Roche's (OTCQX:RHHBY +1.8%) Genentech unit that utilizes Nautilus' Proteomic Analysis System to analyze and map the proteoform landscape of a Genentech protein target. A data readout is expected next year. Find out about Nautilus' Q3

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Cowen initiates Nautilus Biotech with an outperform; shares up 10%