---
title: "Biren Amin Initiates Buy on Jasper Therapeutics, Highlighting KP-104’s Differentiated Dual-Pathway Mechanism and $1.5B Peak Sales Potential in Kidney Diseases"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/295644015.md"
description: "Piper Sandler analyst Biren Amin initiated a Buy rating on Jasper Therapeutics (JSPR). The recommendation is driven by lead asset KP-104's differentiated dual-pathway mechanism for kidney diseases, projecting $1.5B peak sales by 2040. Positive Phase 2 data in PNH de-risks advancement into nephrology indications, supporting the Overweight stance."
datetime: "2026-08-12T09:45:32.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/295644015.md)
  - [en](https://longbridge.com/en/news/295644015.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/295644015.md)
---

# Biren Amin Initiates Buy on Jasper Therapeutics, Highlighting KP-104’s Differentiated Dual-Pathway Mechanism and $1.5B Peak Sales Potential in Kidney Diseases

Biren Amin, an analyst from Piper Sandler, has initiated a new Buy rating on Jasper Therapeutics (JSPR).

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Biren Amin has given his Buy rating due to a combination of factors tied primarily to Jasper Therapeutics’ lead asset KP-104 and its commercial potential in kidney diseases. He views KP-104’s dual mechanism, targeting both the alternative and terminal complement pathways, as a differentiated approach that could deliver clinically meaningful proteinuria reduction in IgAN and C3G and support significant long-term revenue.

Amin’s valuation reflects a sizable total addressable market, with peak, non-risk-adjusted sales for KP-104 in IgAN and C3G projected to reach roughly $1.5 billion by 2040 assuming launches around 2030. He also sees the existing Phase 2 data in PNH as an important de-risking element, demonstrating durable efficacy and a favorable safety profile over extended follow-up, which underpins confidence in advancing KP-104 into nephrology indications and supports his Overweight stance on JSPR.

### Related Stocks

- [JSPR.US](https://longbridge.com/en/quote/JSPR.US.md)
- [PIPR.US](https://longbridge.com/en/quote/PIPR.US.md)

## Related News & Research

- [Jasper Therapeutics Reports Second Quarter 2026 Financial Results and Provides Corporate Update | JSPR Stock News](https://longbridge.com/en/news/295951622.md)
- [Jasper Therapeutics Q2 loss per share beats estimates, raises $132 mln](https://longbridge.com/en/news/295952283.md)
- [TransMedics Targets $2B Opportunity With Kidney Push, European Expansion](https://longbridge.com/en/news/296178365.md)
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