Benzinga | Oct 14, 2021 03:15PM EDT

Why Jasper Therapeutics Stock Is Falling Today

Jasper Therapeutics Inc (NASDAQ:JSPR) is trading lower Thursday amid profit taking after the stock rallied roughly 120% on Wednesday.

Jasper Therapeutics surged higher Wednesday after Oppenheimer analyst Jay Olson initiated coverage on the stock with an Outperform rating and announced a price target of $21.

The Oppenheimer analyst cited the potential of Jasper Therapeutics' conditioning agents for hematopoietic stem cell transplantation.

Jasper Therapeutics went public via special purpose acquisition company Amplitude Healthcare Acquisition Corporation at the end of September.

Jasper Therapeutics is a clinical-stage biotechnology company dedicated to enabling cures through hematopoietic stem cell therapy. It's focused on the development and commercialization of safer and more effective conditioning agents and stem cell engineering to allow for expanded use of stem cell transplantation and ex vivo gene therapy.

JSPR Price Action: Jasper Therapeutics was down 16% at $12.42 at time of publication.