Piper Sandler initiated coverage of Connect Biopharma with an Overweight rating and $7 price target. The firm cites rademikibart's "differentiated mechanism" and potentially unique position as the only biologic in development for acute asthma and COPD exacerbations for the bullish rating. Connect has a "near-term catalyst-rich setup," anchored by the September Seabreeze STAT topline data in asthma, the analyst tells investors in a research note. Piper's model estimates peak risk-adjusted acute sales of $165M and chronic sales of $1.26B.
