On Thursday, H.C. Wainwright maintained a Buy rating on shares of Gain Therapeutics (NASDAQ:GANX) with a steady price target of $8.00. The firm's optimism follows the announcement earlier this week that Gain Therapeutics has successfully completed the multiple ascending dose (MAD) portion of its Phase 1 study for the lead compound GT-02287 without any serious adverse events or discontinuations.
The study, which is randomized, double-blind, and placebo-controlled, saw the last healthy volunteer receiving the highest planned dose levels. The full results of the Phase 1 study, including safety analysis and plasma pharmacokinetics (PK), are expected to be released in August and may be presented at the International Conference on Parkinson's Disease and Movement Disorders in Philadelphia, PA, which begins in late September 2024.
The MAD part of the Phase 1 study, which was initiated in February 2024, involved daily oral dosing for 14 days across four cohorts. The compound GT-02287 was well-tolerated at all dosage levels. Of the 32 healthy volunteers participating, the adverse events recorded were 90% mild and 10% moderate, with no Grade 3 or higher events.
The favorable safety profile and appropriate plasma exposures achieved suggest a promising future for clinical assessments of GT-02287. Gain Therapeutics is planning to commence clinical trials of the compound in patients with Parkinson's disease (PD) before the end of 2024.
The positive outlook from H.C. Wainwright reflects the potential of GT-02287 as a treatment for PD, as the company prepares to advance to the next phase of clinical testing. The maintained price target of $8.00 reflects confidence in the compound's progress and future prospects.
In other recent news, Gain Therapeutics has been making significant strides in its Parkinson's disease research. The company has reported positive results from a Phase 1 clinical trial for its leading drug candidate, GT-02287, which is intended to treat Parkinson's disease.
The trial results showed the drug was well tolerated with no serious adverse events reported among the participants. Furthermore, a preclinical study indicated improvements in cognitive performance and daily living activities associated with GT-02287.
In terms of corporate changes, Gain Therapeutics recently announced leadership adjustments. Gene Mack, the firm's CFO, has assumed the role of interim CEO, while Khalid Islam, Ph.D., the founder and Chairman of Gain Therapeutics' Board of Directors, will provide additional support as Executive Chairman. In addition, Jonas Hannestad, M.D., Ph.D., has been appointed as the company's Chief Medical Officer.
H.C. Wainwright has adjusted its price target for Gain Therapeutics to $8.00. This adjustment follows a shift in the company's leadership and a recent equity capital raise by Gain Therapeutics.
The company also plans to offer and sell shares of its common stock in a public offering, with Titan Partners Group acting as the sole bookrunner. The proceeds from this offering are intended for the clinical and nonclinical development of GT-02287, among other corporate purposes.
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