2025-06-04-Jefferies-维拉斯泰姆（VSTM）_杰富瑞全球医疗会议第一天_Verastem（VSTM）_Artiva_Biotherapeutics（ARTV）_7页_106kb

Biotechnology Equity Research Summary: Jefferies June 4, 2025

Verastem (VSTM)

• Rating: Buy
• Price Target: $19.00, representing a 222% increase from current price.
• Market Cap: $344.6M.
• Key Developments: CEO highlighted 2025 as transformative, with focus on G12D China Ph1 data showing 52% ORR in PDAC and 42% in NSCLC. US study optimizing prophylactic protocols for AE management is imminent. LGSOC launch is ongoing, with steady growth expected due to unmet needs; pivotal 1L PDAC trial planned for 2026 after 83.3% ORR at dose level 1.

Artiva Biotherapeutics (ARTV)

• Rating: Buy
• Price Target: $19.00 (based on recent rating history).
• Market Cap: Not specified in brief summary, but valuation indicates DCF model assumptions.
• Key Developments: CEO emphasized AlloNK's safety and outpatient use potential, noting delayed data readout to gather comprehensive data. Therapy shows deep B-cell depletion and lower CRS/ICANS rates, with planned expansion into additional indications. Rituximab was chosen for combo due to widespread use, facilitating safety and efficacy differentiation.

Overall Assessment

• Both companies are rated "Buy," reflecting positive outlooks on clinical progress and commercial potential.
• Analyst recommendations and valuation models incorporate risks, including clinical, regulatory, and competitive factors.