On Thursday, Baird initiated coverage on Benitec BioPharma (NASDAQ:BNTC) with an Outperform rating and set a price target of $30.00. The new rating reflects the potential of the company's innovative gene therapy treatment for Oculopharyngeal Muscular Dystrophy (OPMD), a condition that currently lacks approved treatments.
Benitec's BB-301 therapy is described as a "silence and replace" treatment, which combines siRNA and a healthy protein to potentially offer a one-time treatment for OPMD. The analyst highlighted that OPMD represents a significant area with high unmet medical needs and that BB-301 is the only disease-modifying asset in clinical trials for this condition.
The therapy has reportedly shown promising results, notably improving patients' ability to swallow, and maintaining a clean safety profile throughout its development. The design of the ongoing clinical trial for BB-301 allows for regular updates on data, which are expected to continue over the next year.
The analyst's positive outlook is based on the therapy's potential to revolutionize the treatment landscape for OPMD. The Outperform rating and the $30 price target indicate the analyst's confidence in the therapy's future success and its significance for Benitec BioPharma.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.