Vor Bio jumps as J.P.Morgan initiates with 'overweight' rating

Shares of Vor Biopharma VOR.O rise 67% to $13.97 premarket

J.P.Morgan starts coverage with "overweight" rating and PT of $43, which represents 414% upside to the stock's last close

Brokerage says VOR's autoimmune disease drug, telitacicept, licensed from China's RemeGen 688331.SS, is considered "highly de-risked across a range of indications" due to strong late-stage data from China

Telitacicept is being developed to treat Myasthenia Gravis, a muscle weakening disorder, and primary Sjögren's Disease, condition that causes dry eyes and mouth

J.P.Morgan "conservatively assume(s) blockbuster peak sales for telitacicept in the U.S. alone" in both indication

Current share price seen as undervalued, given "probability-adjusted value of telitacicept in MG and pSD alone" - J.P.Morgan

Stock down 62% YTD