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Piper Sandler has upgraded Solid Biosciences (NASDAQ:SLDB) to overweight, citing upcoming data for its Duchenne muscular dystrophy gene therapy candidate SGT-003.
“While we wish we would have done this a few months ago, when the stock was trading in the $2 to $3 per share range, we think there is still significant upside from here in the relatively near-term,” the analysts wrote in their note.
The investment firm noted that safety data from a Phase 1/2 study for the product is expected mid-2024, with initial efficacy data anticipated in Q4, “both of which are critical events for the stock that we believe have been meaningfully de-risked based on preclinical data.”
Piper Sandler added that the company will be ready to enter the registration-enabling Phase 2 portion of the study in 2025, making a 2026 filing for accelerated approval possible.
The investment firm said that although Sarepta’s (SRPT) Elevidys is ahead of SGT-003 in the market, it sees “lots of room for something better in DMD” and believes the DMD community “is eager for a better option.”
Piper Sandler set its price target at $20.