RLYB - Rallybio initiated at overweight at JP Morgan on lead thrombocytopenia asset

• JP Morgan has initiated Rallybio ( NASDAQ: RLYB ) with an overweight rating due to a positive outlook on the company's lead asset RLYB212, for the prevention of fetal and neonatal alloimmune thrombocytopenia.
• The firm has a $21 price target (339% upside based on Thursday's close).
• The stock opened Friday morning up 5% .
• Analyst Anupam Rama said that although phase 1b proof-of-concept results aren't expected until Q1 2023, RLYB212, a monoclonal antibody, has already been de-risked based on data from a first-generation candidate, RLYB211, which demonstrated rapid platelet clearance.
• "Longer term, we see RLYB212 as providing multiple long-term upside levers for RLYB shares based on probability of success increases (pending data readouts) and market drivers (diagnosis / awareness rate increase, penetration rate, and pricing)," he wrote.
• JP Morgan estimates peak worldwide sales of RLYB212 of ~$1.2B.
• Seeking Alpha's Quant Rating views Rallybio ( RLYB ) as a strong sell.

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