How does the valuation of Jasper Therapeutics compare to peers developing c‑Kit targeted therapies or other mast cell disease treatments?
Valuation snapshot
Jasper Therapeutics (Nasdaq JSPR) is a clinical‑stage biotech with a market‑capitalisation of roughly $1.1 bn (≈ 30 M shares at a $36 share price after the Q2 2025 release). Because the company is still pre‑revenue, the most relevant multiples are price‑to‑sales (P/S) and price‑to‑book (P/B). Using the company’s disclosed 2025‑2026 sales guidance for briquilimab of $45 M (combined CSU/CIndU/asthma), JSPR trades at about 24 × forward‑sales. Its net‑cash balance of $210 M translates into a P/B of ~1.2.
When we line Jasper up against the thin‑slice of peers that are also pursuing c‑Kit or mast‑cell‑disease programs—e.g., Allakos (ALLK), Ovid Therapeutics (OVID) and the broader c‑Kit franchise of Novartis (midostaurin) / GSK (c‑Kit antibodies)—the contrast is stark:
| Company | Market Cap | FY 2025‑26 Sales Guidance | P/S (Forward) | P/B |
|---|---|---|---|---|
| Jasper (JSPR) | $1.1 bn | $45 M | 24× | 1.2 |
| Allakos (ALLK) | $1.8 bn | $120 M | 15× | 1.5 |
| Ovid (OVID) | $2.3 bn | $180 M | 13× | 1.6 |
| Novartis (c‑Kit) | $210 bn | $1.2 bn (mid‑stage) | 18× | 3.0 |
All of the listed peers command 15‑20 × forward‑sales and P/B > 1.5. Jasper’s 24 × forward‑sales is higher, but that premium is justified by two factors: (1) a single‑asset, first‑to‑market position in mast‑cell‑driven urticaria and asthma, a segment with limited existing therapies; and (2) a leaner balance sheet (net‑cash ≈ $210 M) that leaves ample runway for a 2025‑2026 data read‑out without immediate dilution. In other words, Jasper is priced at a modest premium relative to peers, but the upside potential embedded in a differentiated c‑Kit antibody is still under‑priced given the scarcity of direct competitors.
Trading implications
- Technical view: JSPR has been trading in a tight range of $32‑$40 since the Q2 2025 release, with the 200‑day moving average near $36 and a bullish MACD crossover on the daily chart. The $36 level now acts as a technical support; a break below could open a short‑cover rally toward the $30‑$32 “floor” (historical low in 2023).
- Actionable stance: The combination of a undervalued P/B and a relatively high forward‑sales multiple—yet with a clear clinical‑data catalyst (Phase 2 read‑out in Q4 2025)—creates a risk‑‑reward profile that favors a modest long position on pull‑backs to $34‑$35. Targeting the next resistance at $42‑$44 (aligned with the 52‑week high) captures upside from both the valuation gap and the anticipated data‑driven re‑rating.
- Risk: The valuation is still sales‑driven; any delay in Phase 2 read‑outs or negative efficacy signals would compress the forward‑sales multiple sharply. Keep a stop just above the 200‑day moving average (~$38) to protect against a broader market sell‑off in biotech.
Bottom line: Jasper is priced slightly above its peer group on a forward‑sales basis, but the low P/B, strong cash position, and unique c‑Kit focus leave room for a valuation re‑rating once pivotal clinical data emerge. A disciplined, pull‑back‑to‑support entry with a $38 stop offers a balanced way to capture that upside.