Vor Biopharma climbs after Stifel upgrades rating on autoimmune drug potential

Shares of drug developer Vor Biopharma VOR.O rise 7% to $33.47 premarket

Brokerage Stifel upgrades stock rating to "buy" from "hold," citing it is positive on telitacicept's prospects across autoimmune diseases

Stifel sets PT of $55 after the co's stock began trading on a split-adjusted basis; it had a previous PT of 30 cents per share

Under the reverse stock split announced last week, every 20 shares of Vor were converted into one share

Brokerage says telitacicept is "poised to potentially emerge as a best-in-class dual BAFF/APRIL antagonist," citing its mechanism and clinical promise

Telitacicept already has three regulatory approvals in China with two more filings planned

Stifel now estimates about $5 billion in peak sales from telitacicept

As of last close, stock up 40% YTD