ORTX - Orchard Therapeutics assumed Overweight at Cantor with $9 target

Cantor Fitzgerald analyst Pete Stavropoulos assumed coverage of Orchard Therapeutics (NASDAQ:ORTX) with an Overweight rating with a price target (PT) of $9, down from $12. Shares up 10% premarket $1.19. PT of $9 implies a premium of ~656.3% to the last close. Orchard is developing potentially curative gene therapies for rare diseases using autologous ex-vivo genetically modified hematopoietic stem cells, or HSCs. Stavropoulos believes that the company's HSC-based gene therapy platform is differentiated and clinically de-risked and sees the potential for increasing pipeline visibility to drive share price appreciation in 2022. However, he also notes lingering concern about the regulatory filings for OTL-200 in metachromatic leukodystrophy in U.S. and OTL-103 in Wiskott Aldrich syndrome in U.S. and EU.  The analyst has adjusted the firm's estimates of the odds for success for these programs, which leads to the new PT. Quant Rating is neutral whereas Wall Street sell-siders are Ver Bullish with an average PT

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Orchard Therapeutics assumed Overweight at Cantor with $9 target