Cantor Fitzgerald analyst Varun Kumar last night initiated coverage of Ziopharm with an Overweight rating and $6 price target. Ziopharm is a clinical-stage company with a major current focus on T cell therapy in solid tumors, and ongoing IL-12 clinical studies in glioblastoma, Kumar tells investors in a research note. The analyst thinks Ziopharm's current market valuation reflects "high skepticism" around its pipeline. However, early TCR-T early clinical execution should drive pipeline optionality, and the IL-12 combo upcoming data could potentially lead to a pivotal study in glioblastoma, says the analyst. Kumar sees a favorable risk/reward at current valuation levels.