Assessing Caribou Biosciences' Valuation After Early CB-011 CAR-T Data and Pipeline Progress

Caribou Biosciences' shares have surged 29% YTD, but the 1-year total shareholder return is still down 15%. The stock trades at a high price-to-sales ratio of 22.2x, significantly higher than peers and industry benchmarks. This raises questions about future revenue expectations and whether the market has already priced in all future growth.