FREQ - Frequency Therapeutics upgraded to Overweight at JPMorgan

On the heels of a phase 2a readout of the company's hearing loss treatment, JPMorgan analyst Anupam Rama upgrades shares of Frequency Therapeutics (FREQ) to Overweight. He lifts his price target to $56 from $27, suggesting about 50% upside from current levels.The final readout of data for FX-322 - under investigation for sensorineural hearing loss - is expected late this quarter, and Rama says the result "has to potential to be a transformational catalyst" for shares given the unmet need for SNHL and hearing loss in general.Rama, however, is taking a conservative model on peak U.S. sales for the product (about $2B) compared to Street estimates ($3.5B-$5B).Frequency shares are up 2.5% to $38.08 in premarket trading.

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Frequency Therapeutics upgraded to Overweight at JPMorgan