Autolus Initiation: Setting the benchmark for auto CAR-Ts

Autolus is a UK biotech developing next gen CAR-Ts in oncology and autoimmunity. Lead candidate obe-cel (CD19 CAR-T) has demonstrated a best in class profile on safety and durability in r/r adult ALL and FDA approval is expected in 4Q24, while potential expansion into autoimmune indications could make obe-cel a pipeline in a product. Beyond obe-cel, next gen CAR-Ts in MM, PTCL and paediatric ALL have shown early but solid data, and more follow up in 2024 could serve as validation for those candidates as drivers for future growth. With significant inflection points ahead, we believe Autolus will attract additional investor and pharma attention, particularly in the context of the recent deal activity in the CAR-T space, and initiate with a $12 TP and a BUY. Autolus is one of our life sciences top picks.