On Thursday, Stifel reiterated its confidence in Vigil Neuroscience Inc (NASDAQ: VIGL), maintaining a "Buy" rating and a price target of $11.00. The firm's stance remains positive following the company's second-quarter 2024 earnings release.
"We remain Buy rated following VIGL's 2Q24 release, as everything remains on-track", the analyst noted.
Vigil Neuroscience continues to anticipate releasing full 12-month data for its ALSP (adult-onset leukoencephalopathy with spheroids and pigmented glia) study in the first half of 2025. This data could potentially pave the way for an accelerated FDA approval process, though the specifics of this pathway are yet to be determined.
The company has also recently presented biomarker data from its small molecule program, which appears consistent with its monoclonal antibody (mAb) program, suggesting target engagement and central nervous system (CNS) activity. This data demonstrated approximately 25% reductions in sTREM2, a biomarker associated with the disease. More comprehensive data from this program is expected in the first quarter of 2025.
Vigil Neuroscience's near-term focus is on the fourth quarter of 2024 Alzheimer's readout from its ALEC/ABBV program. According to Stifel, this event holds a significant upside risk/reward potential for the company's stock.
The firm emphasizes that while neurodegeneration and novel biology are challenging fields, TREM2 agonism has a strong mechanistic rationale in Alzheimer's disease and other dementias. This is supported by genetic evidence and an increasing understanding that immune dysregulation is a common feature across various forms of dementia.
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