On Tuesday, Regenxbio Inc. (NASDAQ:RGNX) saw its share price target increased by Baird from $34.00 to $39.00, while the firm reaffirmed its Outperform rating on the stock. The adjustment follows encouraging clinical trial results for the company's drug candidate RGX-202. A patient at the second dose level exhibited a 76% expression and a notable reduction in creatine kinase (CK), a muscle damage marker.
Baird's optimism stems from the belief that the higher dose level of RGX-202 could lead to more consistent responses in future larger-scale trials, without significantly raising safety concerns. These promising results have led to increased confidence in the drug's potential and its prospects for regulatory approval.
The analyst from Baird highlighted the significance of the recent trial outcomes, stating that the positive data from the first patient at the second dose level supports the notion that RGX-202 could be more effective at a higher dose. The lack of a substantial increase in safety risk is also a critical factor that underpins the raised price target.
The anticipation around Regenxbio's RGX-202 is mounting as the company is preparing to initiate a pivotal trial in the second half of 2024. Baird's updated price target reflects the heightened expectations for the drug's approval chances following the recent trial data.
Regenxbio's progress with RGX-202 comes at a crucial time as the company gears up for the next stages of clinical development. The raised share price target to $39 by Baird is a testament to the growing confidence in the drug's success and its potential impact on the market.
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