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On Tuesday, Guggenheim initiated coverage on Maze Therapeutics (NASDAQ:MAZE) with a Buy rating and a $19.00 price target, representing significant upside from the current price of $10.82. The stock has fallen 15.4% in the past week and is trading near its 52-week low of $10.66. The firm’s analyst highlighted the potential of the company’s proprietary Compass platform, which has successfully moved three small molecules into clinical trials. These molecules target a range of both rare and common disorders.
Maze Therapeutics has made strides in developing treatments for APOL1-AMKD, SLC6A19-PKU & CKD, and Pompe disease. Notably, the company licensed its Pompe disease treatment to Shionogi in May 2024, a deal that included a $150 million upfront payment along with additional milestone payments.
The analyst from Guggenheim underscored the significant market opportunity for Maze’s APOL1-AMKD treatment, estimating a total addressable market (TAM) between $10 billion and $15 billion. This estimate is on par with the IgAN market, which despite its fragmentation and approximately 11 competing participants, has witnessed over $10 billion in mergers and acquisitions in recent years.
Maze Therapeutics’ current enterprise value (EV) of $200 million was cited as an attractive entry point for investors. The firm anticipates that the upcoming 12 months will be critical for Maze as it expects value-inflecting data from all three of its wholly-owned programs. The analyst’s commentary suggests confidence in the company’s potential to leverage its platform and advance its clinical programs, providing a positive outlook for the stock’s performance.
In other recent news, Maze Therapeutics has initiated a Phase 2 trial for its kidney disease drug, MZE829, targeting APOL1 kidney disease (AKD). This trial, named the HORIZON Study, aims to address a significant medical need for over one million U.S. patients suffering from this chronic condition. The primary endpoint of the study is a 30% or greater reduction in proteinuria, measured by urinary albumin-to-creatinine ratio (uACR) at week 12. Maze anticipates an interim data readout in the first quarter of 2026, which could provide proof of concept for MZE829.
Additionally, Maze Therapeutics recently launched its initial public offering (IPO), with shares starting to trade at $16.12. The company priced 8,750,000 shares of its common stock at $16.00 per share, and has given underwriters a 30-day option to purchase additional shares. In another development, JPMorgan initiated coverage on Maze Therapeutics with an Overweight rating and set a price target of $30.00. The firm highlighted the potential of Maze’s proprietary COMPASS platform and the promising outlook for MZE829, which could be a significant catalyst for the company’s stock value.
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