Damora Therapeutics (DMRA) is capitalizing on growing validation of using mutant calreticulin targeting therapies in myeloproliferative neoplasms, and may have the additional advantage of a
charted regulatory path as a fast-follower over Incyte's (INCY) mid-stage candidate, RBC Capital said in a note emailed Friday.
RBC said data from Incyte's (INCY) CALR antibody program have helped reduce uncertainty around the mechanism, strengthening confidence in its potential for treating conditions such as essential thrombocythemia and myelofibrosis.
Damora's lead candidate DMR-001 may offer advantages such as extended half-life via YTE technology, higher potency, and a more consistent activity profile across mutation types, potentially addressing limitations of competing therapies, according to the report.
The analyst sees DMR-001 reaching about $1.7 billion in peak U.S. potential, supported by improved dosing convenience and broader applicability, with a 60% probability of success in essential thrombocythemia and 35% in myelofibrosis.
The firm said it expects the company's shares to appreciate to levels reflecting its long-term top-line potential.
The report added that competitive clinical readouts could help de-risk the program, with early mid-2027 data viewed as a key potential catalyst for upside.
RBC initiated the coverage on the company with an outperform rating on the stock with a price target of $40.
Price: $24.02, Change: $-1.40, Percent Change: -5.51%