Wells Fargo analyst Jim Birchenough raised his price target for Bellicum Pharmaceuticals to $18 from $4 following the company's recent reverse stock split and on review of product assumptions for the company's controllable CAR-T therapeutics for cancer. Overall, with cash runway extended, proof-of biology with lead GoCAR-T BPX601 in pancreatic cancer and with the IND for HER2- targeted dual-switch GoCAR-T BPX603 under review for HER2+ cancers, Birchenough expects greater focus on BPX603 going forward and adjusting our valuation accordingly. Ultimately he believes that IND clearance for BPX603 has emerged as the key incremental value driver for Bellicum and sees significant upside potential to IND clearance given validation of the HER2 target across multiple antibody and antibody drug conjugate drugs and significant opportunity in HER2+ solid tumors.