On Tuesday, Regenxbio Inc. (NASDAQ:RGNX) saw Baird raise its stock price target to $39.00 from $34.00, while the firm reiterated its Outperform rating on the stock. This adjustment follows encouraging results from clinical trials of the company’s drug candidate RGX-202. The patient on the second dose level experienced 76% expression and a marked reduction in creatine kinase (CK), a marker of muscle damage.
Baird’s optimism stems from the belief that a higher dose level of RGX-202 could lead to more consistent responses in future large-scale studies without causing major safety concerns. These promising results have led to increased confidence in the drug’s potential and prospects for regulatory approval.
The Baird analyst emphasized the importance of the recent trial results, saying positive data from the first patient at the second dose level supports the view that RGX-202 may be more effective at a higher dose. The lack of a material increase in security risk is also a critical factor behind the price target increase.
Expectations are growing around Regenxbio’s RGX-202 as the company prepares to begin a pivotal study in the second half of 2024. Baird’s updated target price reflects increased expectations about the drug’s chances of approval following recent trial data.
Regenxbio’s progress on RGX-202 comes at a critical time as the company prepares for the next stages of clinical development. Baird’s increase in his share price target to $39 is a sign of growing confidence in the drug’s success and its potential impact on the market.
This article was created with the help of AI and reviewed by an editor. For more information please see our Terms and Conditions.