Clear Street kicked off coverage of Caribou Biosciences Inc. (NASDAQ:CRBU) with a Buy recommendation and set a $13.00 price target, a level that implies substantial upside from the stock's recent trading price of $1.45. The firm noted that Caribou, which has a market capitalization of roughly $135 million, has seen its shares fall almost 8% over the last week.
In its initiation, Clear Street focused on Caribou’s pursuit of off-the-shelf allogeneic CAR-T cell therapies, saying these programs are positioned to compete in the commercial market. The research note quoted Clear Street analyst Bill Maughan, who described the company’s therapies as potentially delivering on the long-promised benefits of the CAR-T class, offering "strong efficacy and durability, good safety, lower manufacturing burden and cost, and the ability to reach community settings."
The firm also observed that with the stock trading close to cash levels, "any upside from development assets presents a buying opportunity." Clear Street expressed optimism on both of Caribou’s clinical programs, signaling confidence in the company’s ongoing development efforts.
Clinical updates cited by Clear Street and other analysts
Clear Street’s initiation follows a series of clinical updates and analyst activity. Caribou reported third-quarter 2025 financial results and provided trial updates for its cell therapy portfolio, including programs vispa-cel and CB-011. The company disclosed promising findings from the CaMMouflage Phase 1 study of CB-011, an anti-BCMA CAR-T therapy for multiple myeloma. Among 12 BCMA-naïve patients, the trial produced a 92% overall response rate and a 75% complete response rate.
Caribou also released data from the ANTLER Phase 1 trial of vispa-cel in B cell non-Hodgkin lymphoma, reporting an 82% overall response rate in the treated patients. These results have contributed to renewed analyst interest and reassessments of the company’s near-term prospects.
Responses from other research firms
Following the clinical disclosures, Leerink Partners increased its price target on Caribou Biosciences to $4.00 while keeping an Outperform rating. Truist Securities reiterated its Buy rating and assigned a $7.00 price target, citing confidence in the company's trajectory. These actions, together with Clear Street’s initiation at a higher target, reflect divergent valuations among sell-side firms based on the same clinical readouts and the company's pipeline potential.
Market context and implications
The combination of positive early-phase clinical data and analyst attention has raised the spotlight on Caribou’s gene-editing and cell therapy work. The immediate market reaction has been mixed-to-volatile, as illustrated by the recent weekly share decline despite optimistic analyst notes. Clear Street’s emphasis on lower manufacturing burden and potential access in community settings highlights how program attributes could impact commercial adoption if trials continue to show favorable efficacy and safety.
Investors and market participants will likely watch upcoming development milestones, regulatory interactions, and any further clinical updates closely to assess whether the encouraging Phase 1 data translate into durable, broadly applicable therapies.