Vor Completes Enrollment of Global Phase 3 Upstream Mg Trial and Expands Telitacicept Global Franchise into Ocular Myasthenia Gravis

Stifel reiterated a Buy rating and $40 price target for Vor Biopharma (VOR) after its earnings update, citing Phase 3 trial enrollment completion. The stock trades at $19.68, with a Strong Buy consensus and targets ranging from $27 to $50. Stifel expects top-line data in 2027 and sees potential in telitacicept for treating autoimmune diseases. The stock has surged 42% in six months and 50% year-to-date, but is above fair value according to InvestingPro.

Vor Bio (VOR) reported Q3 2026 results, with a net loss of $86.7M, down from $812.7M in Q3 2025. The company noted full enrollment in the UPSTREAM MG trial and progress in other clinical trials. CEO Jean-Paul Kress highlighted positive Phase 3 TELIGAN results for telitacicept in IgAN, showing kidney function preservation and proteinuria reduction.

Vor Biopharma reported a net loss of $86.7M in 3Q 2026, narrower than the $812.7M loss a year earlier, with no revenue in either period. The company completed enrollment in the UPSTREAM MG trial and plans to start Phase 3 trials for ocular myasthenia gravis and Sjogren's disease in 2027. R&D spending increased for telitacicept programs while declining for legacy programs.

Vor Bio (VOR) reported final results from a Phase 3 trial of telitacicept in adults with IgA nephropathy. The trial met its primary endpoint, showing a significant improvement in kidney function compared to placebo. Telitacicept reduced the risk of kidney function decline and proteinuria. Adverse events were more frequent with telitacicept but serious events were less common. Vor Bio holds exclusive rights outside China.

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