Jasper (JSPR) 500 January $25 calls opening $6.25 to $6.30 as November $25/$20 strangles sell 500X as well for $5.35, net debit overall, a $340M Biotech at 3.3X Cash. JMP recently Outperform and $70 target noting Jasper is a clinical-stage biotechnology company developing novel therapeutics by focusing on the biology of the hematopoietic stem cell. Briquilimab represents a new biologic for a “well-established and derisked” target that is relevant to several pathologies with large, underserved patient populations. The company’s briquilimab is a differentiated fast follower in the KIT monoclonal antibody space that is well positioned with near-term readouts in several important indications. JSPR short interest has been climbing and now at 13% of the float. Stifel at Buy with an $86 target, and believes the company’s briquilimab will succeed in both chronic spontaneous urticaria and chronic inducible urticaria. Both are partially de-risked by competitor data from Celldex’s (CLDX) barzolvolimab that established c-Kit blockade as an effective mechanism in severe patients.