William Blair analyst Raju Prasad last night initiated coverage of Cellectis with an Outperform rating and $33 fair value estimate. The company has seen a depressed valuation since the Allogene licensing deal, but the economics from the partnership and equity stake in Calyxt "set a valuation floor," Prasad tells investors in a research note. The analyst sees UCART123 being developed for acute myeloid leukemia and UCARTCS1 being developed for multiple myeloma as "riskier targets." However, he believes the CD22 target for acute lymphoblastic leukemia and non-Hodgkin lymphoma have been "de-risked from autologous therapies and could support upside."