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Investing.com - Benitec BioPharma (NASDAQ:BNTC), currently trading at $13.84, maintained its Market Outperform rating and $20.00 price target in a research note from JMP Securities on Thursday. According to InvestingPro data, analysts’ targets for the stock range from $17 to $35, suggesting significant upside potential.
JMP cited the company’s progress with BB-301, its gene therapy treatment for oculopharyngeal muscular dystrophy (OPMD), noting that Benitec remains on track to initiate the high-dose cohort of the therapy.
The research firm highlighted that the Data and Safety Monitoring Board (DSMB) gave a positive recommendation to proceed, which JMP called "an important milestone" despite being expected due to minimal safety concerns observed with the direct injection gene therapy.
JMP expressed encouragement from the March Muscular Dystrophy Association (MDA) update, which showed consistent improvements in three patients with follow-up periods of 12 months for two patients and 3 months for one patient.
The firm noted these improvements occurred regardless of disease manifestation, specifically in residue and residue plus sequential swallowing, reinforcing their positive outlook on the therapy’s development.
In other recent news, Benitec BioPharma has made significant progress in its clinical trials for BB-301, a gene therapy for Oculopharyngeal Muscular Dystrophy (OPMD). The company completed the first cohort of its Phase 1b/2a clinical trial and received approval to continue enrollment after a safety review. Benitec plans to begin enrollment for the second cohort in the fourth quarter of 2025, with additional updates expected later this year. Analysts at TD Cowen initiated coverage with a Buy rating, citing the promising initial clinical data and the potential for straightforward development moving forward. JMP Securities also raised its price target for Benitec to $20, maintaining a Market Outperform rating based on positive clinical outcomes observed in patients treated with BB-301. Citizens JMP affirmed a Market Outperform rating and a $20 price target, expressing confidence in the company’s ongoing research and the anticipated update on the low-dose cohort. Benitec is preparing to start enrollment for the high-dose cohort later in 2025, with the validation of this treatment seen as crucial for future developments. The company is also working on identifying patient subgroups within the OPMD community to enhance its clinical trial discussions with the FDA.
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