GRCL - Gracell Biotechnologies initiated at buy at Citi citing its autologous CAR-T platform

• Citi has initiated Gracell Biotechnologies ( NASDAQ: GRCL ) with a buy rating highlighting the speed of the company's autologous CAR-T platform manufacturing compared to competitors.
• The firm has a $12 price target (~422% upside based on Wednesday's close).
• Analyst Yigal Nochomovitz said that FasTCAR, the CAR-T platform, can manufacture in 22-36 hours compared to the industry average of one to six weeks.
• He added this will cut the "autologous CAR-T vein-to-vein time from the industry average ~20-35 days to ~11-14 days."
• The company's lead candidate is GC012F, a dual BCMA/CD19 FasTCAR candidate for multiple myeloma, currently in phase 1.
• Nochomovitz noted that data on the asset presented earlier this year found it "shaping up to be highly competitive with Legend Biotech's ( LEGN ) and Johnson & Johnson's ( JNJ ) Carvykti (ciltacabtagene autoleucel)" in terms of objective response rate and complete response.
• He added he sees IND filings for GC012F in the US and China by the end of the year.
• Seeking Alpha's Quant Rating views Gracell ( GRCL ) as a hold with high marks for revisions and valuation .

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