TD Cowen has initiated coverage of Century Therapeutics with a Buy rating, citing the company’s focus on allogeneic stem cell therapies and its lead candidate, CNTY-813. The therapy is an allogeneic insulin-expressing beta islet cell treatment being developed for type 1 diabetes.
CNTY-813 has generated preclinical data, and Century Therapeutics plans to begin clinical testing in 2026, with the expectation of initial clinical readouts in 2027. TD Cowen analyst Phil Nadeau summarized the firm’s view in a comment that highlights the program’s potential:
"Century develops potentially curative allogeneic stem cell therapies. Century’s lead is CNTY-813, an allogeneic insulin-expressing beta islet cell therapy for type 1 diabetes that has produced intriguing preclinical data. It is expected to enter the clinic in 2026 and generate initial data in 2027."
Market reaction to Century Therapeutics has been pronounced over the past year. The stock has rallied more than 200% in the last 12 months and surged 317% over the most recent six-month period, valuing the company at a market capitalization of $382.65 million. Analysts covering the company have set price targets that span from $2 to $6, and one platform’s analysis indicates the shares may still be slightly undervalued at current levels.
Investor support for the company’s clinical ambitions has been reinforced by a recent private placement that raised $135 million. Management says that proceeds from this financing are intended to support development of CNTY-813 and extend Century Therapeutics’ cash runway to the first quarter of 2029.
Other firms have maintained or adjusted their views in recent weeks. Clear Street reiterated a Buy rating with a price target of $6.60 while noting the potential of CNTY-813 as a cell therapy; that firm had previously reduced its price target from $8.00 to $6.60 but continues to rate the stock Buy. Piper Sandler raised its price target from $2.00 to $4.00 and kept an Overweight rating, citing the value contributions from Century’s expanded pipeline, which includes CNTY-308 alongside CNTY-813.
TD Cowen expects the company to deliver long-term shareholder value as its pipeline advances through development. The combination of preclinical progress for CNTY-813, a planned entry into clinical trials in 2026, recent financing, and multiple analyst updates has shaped the current market narrative around the company.
Summary
TD Cowen has initiated coverage of Century Therapeutics with a Buy rating, highlighting CNTY-813 — an allogeneic insulin-expressing beta islet cell therapy for type 1 diabetes — which has produced preclinical data and is expected to enter clinical trials in 2026 with initial data in 2027. The company recently completed a $135 million private placement that extends its cash runway to Q1 2029, and other analysts have adjusted price targets and ratings in light of the company’s pipeline developments.