H.C. Wainwright upgraded Vor Biopharma , Inc. (NASDAQ:VOR) from Neutral to Buy with a price target of $3.00 following the company’s exclusive licensing agreement with RemeGen Co., Ltd. The upgrade comes as Vor’s stock has surged over 265% in the past week, with the company currently valued at $132.46 million.
Vor announced on June 25 that it entered into an exclusive license agreement with RemeGen to develop and commercialize telitacicept, a recombinant fusion protein targeting BlyS and APRIL, in territories outside Greater China. Under the agreement, RemeGen will receive an upfront payment of $125 million, consisting of $45 million in cash and $80 million in warrants.
The deal could potentially yield over $4 billion in regulatory and commercial milestone payments to RemeGen, along with tiered royalties upon successful commercialization. Telitacicept has already received marketing approvals in China for systemic lupus nephritis in November 2023, rheumatoid arthritis in July 2024, and generalized myasthenia gravis in May 2025.
RemeGen has initiated a randomized, double-blinded, placebo-controlled Phase 3 study with telitacicept for generalized myasthenia gravis in the U.S., EU, and South America, with initial data expected in the first half of 2027. If successful, Vor could potentially begin commercialization in the U.S. by mid-2028.
H.C. Wainwright cited the "quick resurrection of the company" and the acquisition of a "de-risked asset" as key factors in its upgrade decision, noting that the transaction strengthens Vor’s asset portfolio, finances, and management.
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