Jefferies has opened coverage of Cellectis (NASDAQ:CLLS) with a Buy recommendation and a $7.00 target, up from a prior internal reference of $6.00. At the time of the research, the stock traded around $3.73, which Jefferies says implies roughly an 88% upside to its new target. InvestingPro data cited by the research note show the share price has already gained 140.65% over the last 12 months.
The brokerage describes Cellectis as "largely overlooked," pointing to an enterprise value of about $60 million and broader negative sentiment toward allogeneic CAR-T approaches in leukemia, as well as what Jefferies views as limited later-line commercial opportunity. Despite these headwinds, Cellectis has delivered notable top-line expansion, with revenue growth of 129.04% in the trailing twelve months.
Jefferies highlights a potential shift in market view tied to clinical milestones expected in 2026. The firm specifically cited the first interim readout from the pivotal study of lasme-cel (also known as UCART22) in relapsed or refractory acute lymphoblastic leukemia as a key catalyst, with those interim results anticipated in the fourth quarter of 2026.
In its assessment of lasme-cel, which targets CD22 in relapsed/refractory B-cell acute lymphoblastic leukemia, Jefferies referenced Phase I efficacy data showing a combined complete response and complete response with incomplete hematologic recovery (CR/CRi) rate of 56% in the Phase II pivotal population. For subjects who achieved MRD-negative CR/CRi, overall survival was reported at 15 months. Across all patients in the dataset, median overall survival was estimated at approximately 5 months - a result Jefferies regards as constructive given that patients had a median of 4 prior lines of therapy.
The research note also summarized several other recent developments involving Cellectis. Clear Street has initiated coverage with a Buy rating and a $9.00 price target, citing strong efficacy signals from Cellectis' CAR-T programs, including lasme-cel for acute lymphoblastic leukemia and eti-cel for non-Hodgkin lymphoma. Citizens has maintained a Market Outperform stance with an $8.00 target and anticipates clinical updates at the upcoming American Society of Hematology meeting, where presentations are expected to cover UCART22x22 in B-cell non-Hodgkin lymphoma and data on alemtuzumab in the BALLI-01 study.
On the corporate and legal front, an arbitration ruling has partially terminated Cellectis' 2019 license agreement with Servier as it relates to the UCART19 V1 product, also known as ALLO-501 by Allogene. The decision requires Cellectis to enter into good-faith discussions with Allogene should Allogene request a potential direct license. In a separate arbitration outcome, Allogene Therapeutics received a favorable ruling that reaffirmed its rights to the cancer therapy cemacabtagene ansegedleucel, which the ruling said clears the way for full global commercialization rights.
Taken together, the analyst coverage and legal developments outline both near-term clinical inflection points and ongoing contractual complexities. Jefferies is betting that positive readouts - most notably the lasme-cel pivotal interim data expected in late 2026 - will help reframe sentiment toward Cellectis' allogeneic programs and support a revaluation of the company from current levels.
Contextual note: Information in this report is drawn from the Jefferies research initiation and other recent analyst activity and arbitration rulings as cited in public disclosures. No additional claims or forecasts beyond those cited in the available materials have been added here.