By Sam Boughedda

Investing.com Shares of biotechnology firm Jasper Therapeutics (NASDAQ:JSPR) soared 112% after Oppenheimer analyst Jay Olson initiated coverage of the company with a buy-equivalent outperform rating and $21 price target.

In a research note released after the close on Tuesday, Olson told investors that he sees Jasper as an "emerging leader" in developing novel targeted conditioning agents for hematopoietic stem cell transplantation.

The company's lead candidate, JSP191, is used to remove hematopoietic stem cells from bone marrow before a transplant.

Olsen believes Jasper Therapeutics is well-positioned to conceivably change what he describes as the "decades-old standard" hematopoietic stem cell transplantation for various diseases "either as a standalone conditioning agent or as the backbone of the conditioning regimen."

At the beginning of October, biopharmaceutical firm Amgen (NASDAQ:AMGN) disclosed a 7.4% stake in Jasper.

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Jasper Therapeutics Stock Soars after Oppenheimer Calls it a Buy - Yahoo Finance