Analyst Mani Foroohar of Leerink Partners maintained a Buy rating on Lexeo Therapeutics, Inc. (LXEO – Research Report), with a price target of $19.00.
Mani Foroohar’s rating is based on the positive clinical advancements and the financial positioning of Lexeo Therapeutics, Inc. The recent Phase 1/2 SUNRISE-FA trial results demonstrated a promising increase in frataxin levels, a key protein related to Friedreich’s ataxia cardiomyopathy, which suggests potential efficacy of their LX2006 therapy. The dose response observed aligns with preclinical expectations, bolstering confidence in the drug’s performance. Moreover, the company’s strategic financing through a Private Investment in Public Equity (PIPE) has solidified its balance sheet, extending its cash runway into 2027 and supporting ongoing research and development efforts.
Additionally, Foroohar recognizes the potential market advantage Lexeo Therapeutics could secure as a first-mover in treating this rare condition. The anticipation of mid-2024 interim clinical data, including measures of hypertrophy and cardiac biomarkers, further contributes to the promising outlook. The stock’s volatility, driven by the balance between financing dilution concerns and positive data on protein expression, is viewed by Foroohar as an opportunity given the risk/reward profile heading into significant future clinical milestones. The maintenance of a $19 price target by Leerink Partners reflects confidence in Lexeo’s trajectory and justifies the Buy rating.
In another report released on March 11, RBC Capital also maintained a Buy rating on the stock with a $24.00 price target.
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Lexeo Therapeutics, Inc. (LXEO) Company Description:
Lexeo Therapeutics, Inc. operates as a clinical stage genetic medicine company that focuses on hereditary and acquired diseases. The company develops LX2006, which is an AAVrh10-based gene therapy candidate for the treatment of Friedreich’s ataxia (FA) cardiomyopathy; LX2020, an AAVrh10-based gene therapy candidate for the treatment of arrhythmogenic cardiomyopathy; LX2021, a gene therapy candidate for the treatment of DSP cardiomyopathy associated; and LX2022, a gene therapy candidate for the treatment of HCM caused by TNNI3 mutations. It also develops LX1001, an AAVrh10-based gene therapy candidate for the treatment of APOE4 homozygous; LX1020, a gene therapy candidate for the treatment of APOE4 homozygous; LX1021 for the treatment of APOE4 homozygotes; and LX1004 for the treatment of CLN2 Batten disease. The company was incorporated in 2017 and is based in New York, New York.
Read More on LXEO:
- Lexeo Therapeutics’ Strategic $95M Share Placement and Financial Update
- Lexeo Therapeutics reports protein expression data from SUNRISE-FA trial
- Lexeo Therapeutics expects cash to fund operations into 2027
- Lexeo Therapeutics reports Q4 EPS (86c), consensus (73c)
- Lexeo Therapeutics Reports Fourth Quarter and Full Year 2023 Financial Results and Operational Highlights
