2023-08-28 13:58:10 ET
HC Wainwright started coverage of Reneo Pharmaceuticals ( NASDAQ: RPHM ) with a buy rating, citing the prospects of its lead drug mavodelpar in the treatment of primary mitochondrial myopathies, or PMM.
The investment bank said it sees a “very low bar for success” for the drug’s pivotal Phase 2b study, given that there are currently no FDA-approved treatments for the illness. Data from the study is expected in the latter part of Q4.
If the Phase 2 data is positive, the bank expects mavodelpar to be approved by the end of 2024, with commercialization in early 2025.
HC Wainwright set its price target for the stock at $30.
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HC Wainwright starts Reneo at buy, sees possible 2025 launch for lead drug