As previously reported, Guggenheim analyst Michael Schmidt initiated coverage of Neoleukin Therapeutics (NLTX) with a Buy rating and $20 price target, telling investors that the stock trades at about a 6% discount to other pre-clinical and early clinical stage biotech companies. However, he anticipates NL-201 preclinical data in the first half of this year to provide further rationale for moving into the clinic by 2021 and expects shares to appreciate as more data is reported, Schmidt said. Further, he expects clinical updates from companies, such as Nektar (NKTR) and Synthorx (THOR), who are working on competing IL-2 therapies this year and believes investors "should pay close attention to [Neoleukin] as more clinical de-risking data emerges."