As previously reported, Cantor Fitzgerald analyst Alethia Young started coverage of Cellular Biomedicine with an Overweight and $27 price target. The analyst notes that the company's lead clinical candidate is BCMA targeting CAR-T in multiple myeloma, where Phase I initial data are expected at ASH19 in December. A potential positive early readout should likely position Cellular Biomedicine as a cell-therapy leader in China, she contends. In the mid to long-term, Young thinks the AFP TCR in liver cancer and tumor-infiltrating lymphocytes programs could represent key upside.