** Shares of Vor Biopharma VOR.O rise 67% to $13.97 premarket

** J.P.Morgan starts coverage with "overweight" rating and PT of $43, which represents 414% upside to the stock's last close

** Brokerage says VOR's autoimmune disease drug, telitacicept, licensed from China's RemeGen 688331.SS, is considered "highly de-risked across a range of indications" due to strong late-stage data from China

** Telitacicept is being developed to treat Myasthenia Gravis, a muscle weakening disorder, and primary Sjögren's Disease, condition that causes dry eyes and mouth

** J.P.Morgan "conservatively assume(s) blockbuster peak sales for telitacicept in the U.S. alone" in both indication

** Current share price seen as undervalued, given "probability-adjusted value of telitacicept in MG and pSD alone" - J.P.Morgan

** Stock down 62% YTD

(Reporting by Kamal Choudhury in Bengaluru)

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