Jasper Therapeutics (NASDAQ:JSPR) stock is taking off on Wednesday thanks to a bullish call from Oppenheimer analyst Jay Olson.
Olson kicked off coverage of JSPR stock with an Outperform rating. To go along with that, the analyst included a $21 price target. That represents a potential 191% upside from the stock’s closing price of $7.21 on Tuesday.
It’s also worth mentioning that Olson is the first analyst to cover JSPR stock. Starting off with such a bullish rating is a good sign for the company but also means there’s no analyst consensus to compare to.
So why is the Oppenheimer analyst taking a bull stance on JSPR stock? He says that the company is an “emerging leader” in the development of novel targeted conditioning agents for hematopoietic stem cell transplantation.
Jasper Therapeutics’ lead candidate is JSP191. This is a targeted, humanized monoclonal antibody being developed as a “conditioning agent to clear hematopoietic stem cells from bone marrow prior to transplant.”
The goal of JSP191 is to address the limitations of current conditioning. That includes the requirement for chemotherapy or radiation in patients undergoing curative hematopoietic stem cell transplants and gene therapies.
JSPR stock experiencing heavy trading on Wednesday following the new coverage. As of this writing, more than 47 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is only about 438,000 shares.
JSPR stock was up 106.7% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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