PRQR - ProQR upgraded at Raymond James on RNA-editing platform

Raymond James has upgraded ProQR Therapeutics N.V. ( NASDAQ: PRQR ) to Outperform from Market Perform after the Dutch biotech announced on Thursday a decision to focus on its Axiomer RNA- editing technology platform exclusively.

The upgrade is “based on high conviction “RNA editing” emerges as an impactful field of therapeutics in coming years,” the analysts led by Steven Seedhouse wrote.

According to the analysts, the advantages of RNA-editing include its standard delivery methods and potential to bring therapeutic effects without any permanent change to DNA, unlike with CRISPR gene editing.

Seedhouse and the team point out that their previous initiation on ProQR ( PRQR ) was based only on the potential of RNA-editing despite the recent Phase 3 setback for lead candidate sepofarsen.

“Now is our opportunity to own and defend that call, which we are doing with conviction,” the analysts added, pointing to the company’s decision to prioritize Axiomer and its sub $50M enterprise value. Raymond James has a DCF-supported $2 per share target on the stock.

Read more on why the pivotal Phase 2/3 Illuminate trial for sepofarsen failed in Leber congenital amaurosis 10, a common cause of genetically-driven blindness in children.

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