First Berlin Equity Research has published a research update on Sernova Biotherapeutics Inc. (ISIN: CA81732W1041). Analyst Christian Orquera reiterated his BUY rating and maintained his CAD 1.60 price target.

Abstract
Sernova announced a strategic collaboration with Eledon Pharmaceuticals to incorporate the next-generation immunosuppressant tegoprubart into upcoming Cohort C of its Cell Pouch Bio-hybrid Organ phase 1/2 type 1 diabetes (T1D) trial. This marks a clinically and commercially significant step forward in enhancing graft protection, addressing tacrolimus-associated toxicity, and positioning the Cell Pouch platform for long-term competitive advantage. Tegoprubart has demonstrated superior graft survival, immunologic selectivity, and improved safety across kidney, islet, and xenotransplant studies. The collaboration not only mitigates a key bottleneck in the Cell Pouch programme but also de-risks future development as Sernova transitions towards a retrievable, stem cell-compatible solution for T1D. We view this news as strategically and clinically positive, reinforcing our conviction in the Cell Pouch platform. Based on unchanged pipeline assumptions, we confirm our CAD1.60 price target and reiterate our Buy recommendation. Upside: >800%.