As previously reported, Baird initiated coverage of Lyell Immunopharma with an Outperform rating and $49 price target. Lyell's pipeline is headlined by ronde-cel, for which a pair of pivotal studies are ongoing, notes the analyst. Based on the existing data, the firm believes ronde-cel's safety and efficacy profile compares favorably to established autologous CD19 CAR-T treatments like Breyanzi and Yescarta, which should allow for ronde-cel to start to gain meaningful market share, says the analyst, who adds that Lyell's colorectal cancer CART program, LYL273, "provides a nice upside call option on solid tumors."
