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Massachusetts Biotech Advances Novel Cytokine Therapies
Research Report

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Wedbush sees over 300% upside for Werewolf stock based on early clinical success for its PREDATOR platform and pipeline, according to a WedBush research note.

Cambridge, Massachusetts-based Werewolf Therapeutics Inc. (HOWL:NASDAQ) reported Q3 2023 results and progress for its pipeline of INDUKINE product candidates, noted Wedbush analyst Dr. Robert Driscoll in a November 15 research report.

The analysts have an Outperform rating and US$9 price target on Werewolf Therapeutics.

Early Efficacy Signals Seen for Lead Candidate

According to the analysts, Werewolf's WTX-124 INDUKINE therapy has shown initial proof-of-concept with a differentiated safety profile compared to standard high-dose IL-2 and evidence of antitumor activity in early studies.

At the 12 mg dose, WTX-124 yielded a partial response in a melanoma patient and disease control in lung cancer patients. The company is now testing an 18 mg dose cohort.

The analysts believe this data validates Werewolf's novel INDUKINE approach to conditionally activating cytokines within tumors while limiting systemic toxicity.

Advancing Broad Pipeline

Beyond WTX-124, Werewolf is evaluating the second INDUKINE candidate, WTX-330, in dose escalation and plans to share preclinical data on WTX-518 in 2024.

The company is also progressing IL-21 INDUKINE WTX-712 towards the clinic based on encouraging preclinical results.

Significant Upside from Current Levels

Wedbush maintains an Outperform rating on Werewolf Therapeutics and a US$9 price target, seeing over 300% upside for the shares.

The firm's valuation is based on projected 2031 sales for WTX-124 applied to standard revenue multiples.

In summary, the analysts see Werewolf's INDUKINE platform and early WTX-124 efficacy as validating the company's novel approach to cytokine therapies in oncology. With multiple clinical catalysts upcoming, they view the risk/reward as favorable.

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Important Disclosures:

  1. The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
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Disclosures for Wedbush, Werewolf Therapeutics, November 15, 2023


Analyst Certification We, Robert Driscoll, Ritika Das and Sam Ravina, certify that the views expressed in this report accurately reflect our personal opinions and that we have not and will not, directly or indirectly, receive compensation or other payments in connection with our specific recommendations or views contained in this report.

Company Specific Disclosures This information is subject to change at any time. 1. WS makes a market in the securities of Werewolf Therapeutics.

OTHER DISCLOSURES The information herein is based on sources that we consider reliable, but its accuracy is not guaranteed. The information contained herein is not a representation by this corporation, nor is any recommendation made herein based on any privileged information. This information is not intended to be nor should it be relied upon as a complete record or analysis: neither is it an offer nor a solicitation of an offer to sell or buy any security mentioned herein. This firm, Wedbush Securities, its officers, employees, and members of their families, or any one or more of them, and its discretionary and advisory accounts, may have a position in any security discussed herein or in related securities and may make, from time to time, purchases or sales thereof in the open market or otherwise. The information and expressions of opinion contained herein are subject to change without further notice. The herein mentioned securities may be sold to or bought from customers on a principal basis by this firm. Additional information with respect to the information contained herein may be obtained upon request. Wedbush Securities does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Please see pages 3–7 of this report for analyst certification and important disclosure information. Retail Investors The information provided is for general informational purposes only and should not be considered an individual recommendation or personalized investment advice. The companies/investments mentioned may not be suitable for everyone. Each investor needs to review their own respective situation(s) before making any investment decisions. All expressions of opinion are subject to change without notice due to shifting market(s), economic or political conditions. Investment involves risks including the risk of principal. Past performance is no guarantee of future results and the opinions presented cannot be viewed as an indicator of future performance.


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