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Oppenheimer reiterates a Perform rating on Cartesian Therapeutics (RNAC) without a price target following the company’s Q4 report. The company’s Phase 3 trial in myasthenia gravis remains on track to start by mid-year, the analyst tells investors in a research note. The firm thinks the trial has a “decent chance at working,” but does not currently view Descartes-08 as a commercially viable therapy. Just today, Amgen (AMGN) announced updated Uplizna results showing a deepening of responses six months after a single repeat infusion, Opco points out. It believes extrapolating from Cartesian’s Phase 2, Descartes-08 would likely need six additional infusions to show a similar benefit. The Uplizna study “muddies” commercial outlook for Cartesian, the firm contends.
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