Autolus PREVIEW: Upside potential with additional obe-cel r/r ALL data at ASCO

Autolus will present longer follow up and additional analysis from the phase 2 (FELIX) trial of obe-cel (CD19 CAR-T) in r/r ALL at ASCO in June 2024 including EFS and OS. Our base case sees 10-20% upside if EFS benefit is maintained with longer follow up, and we'd expect some downside (approx. -5%) if EFS drops significantly, though this is unlikely. Additionally, Autolus will present analysis on the impact of SCT consolidation post CAR-T which could position obe-cel as a standalone therapy, a key differentiation vs. Tecartus where real world data suggests a need for consolidation. With potential upside at ASCO 2024, we reiterate our $ 11 TP and BUY rating. Autolus is one of our life sciences top picks!