H.C. Wainwright Starts Rallybio Corp. (RLYB) at Buy

H.C. Wainwright analyst Mitchell Kapoor initiates coverage on Rallybio Corp. (NASDAQ: RLYB) with a Buy rating and a price target of $18.00.

The analyst comments "Novel approaches to treat rare diseases, led by an antibody to prevent a rare, potentially lethal fetal and neonatal disease. We are initiating coverage of Rallybio Corporation, a biotechnology company focused on development of therapies for severe and rare diseases. Our rating is Buy with a 12-month price target of $18. We believe Rallybio's lead asset, RLYB212, could become a standard-of-care therapeutic for the prevention of fetal and neonatal alloimmune thrombocytopenia (FNAIT)—a rare immune disorder in which, either in utero or at birth, a baby's platelets are identified as foreign by the mother's immune system. This elicits an antibody response that destroys the baby's platelets. Thrombocytopenia in FNAIT is mainly due to maternal antibodies against human platelet antigen (HPA)-1a. The main complication in FNAIT is intracranial hemorrhage (ICH), which occurs in approximately 10% of FNAIT cases. RLYB212 is an anti-HPA-1a monoclonal antibody candidate in development for prevention of FNAIT. Phase 1b proof-of-concept data for RLYB212 showcased its ability to rapidly eliminate transfused, HPA-1a positive platelets from circulation of HPA-1a negative healthy subjects. We believe that this data supports the potential to translate into a preventative therapy for FNAIT. Currently, there is no FDA-approved therapy for FNAIT. Full results are slated to be presented at the International Society on Thrombosis and Haemostasis (ISTH) Congress in June 2023."

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Shares of Rallybio Corp. closed at $4.31 yesterday.

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