** Brokerage H.C. Wainwright starts coverage of drug developer Artiva Biotherapeutics ARTV.O with "buy" rating and PT of $20

** PT represents an ~88% upside to stock's last close

** Co is testing its experimental drug, AlloNK, for an autoimmune disease called systemic lupus erythematosus $(SLE)$ in combination with antibodies Rituxan or Gazyva

** SLE is a condition where the immune system attacks the body's own tissues

** Brokerage notes "current treatment options do not effectively control disease progression"

** Says AlloNK costs less than $6,000 per patient for ARTV to produce, compared to ~$100,000 for auto-CAR T therapies

** Co has capacity to produce enough AlloNK for over 1,000 autoimmune patients annually, H.C. Wainwright says

** Brokerage expects AlloNK to launch by 2029 and forecasts sales to grow to $531 mln by 2031

** As of last close, stock has fallen ~34% YTD

(Reporting by Kamal Choudhury in Bengaluru)

((Kamal.Choudhury@thomsonreuters.com;))