Gracell Biotech Stock Has Over 100% Upside On Next-Gen CAR-T Platforms, Analyst Claims

HC Wainwright initiated coverage on Gracell Biotechnologies Inc GRCL with a Buy rating and a price target of $6.
The China-based company is focused on developing autologous and allogeneic CART cell therapies to treat cancer.
The analyst notes that Gracell will submit an IND for a potentially registrational study in the U.S. for GC012F (lead program) for relapsed/refractory multiple myeloma by year-end.
Related: Gracell Reveals Encouraging Data From Pretreated Multiple Myeloma Patients.
The analyst also expects the company might file for accelerated approval, following the footsteps of Legend Biotech Corp LEGN and Johnson & Johnson (NYSE: JNJ) with Carvykti.
HC Wainwright writes that GC012F has the benefits of better safety and quick manufacturing, which may allow it to gain a share in the MM market.
As per the analyst, Gracell shares are largely undervalued as the company's assets are currently being developed in China and has not yet entered the U.S. development market. However, this to change in early 2023, which may be a significant catalyst.
Price Action: GRCL shares are up 2.66% at $2.70 on the last check Thursday.