Bitcoin price today: slips below $113k, near 6-wk low despite Fed cut bets
Tuesday, Entrada Therapeutics (NASDAQ:TRDA) shares maintained a Buy rating and a $20.00 price target from H.C. Wainwright, well below the highest analyst target of $29.00. According to InvestingPro analysis, the stock appears undervalued at its current price of $13.33, with strong fundamentals including a modest P/E ratio of 12.8. The endorsement follows recent regulatory advancements for the company’s clinical trial in the United Kingdom (TADAWUL:4280). Entrada Therapeutics has been granted authorization by the UK’s Medicines and Healthcare Products Regulatory Agency (MHRA) and Research Ethics Committee to proceed with ELEVATE-44-201, a Phase 1/2 multiple ascending dose (MAD) clinical study of its investigational drug ENTR-601-44, which aims to treat Duchenne muscular dystrophy (DMD). The company approaches this milestone from a position of financial strength, with InvestingPro data showing a robust current ratio of 6.59 and more cash than debt on its balance sheet.
The analyst from H.C. Wainwright highlighted the significance of this development, recalling the positive preliminary results from the previous Phase 1 trial, ENTR-601-44-101. The trial tested the company’s lead exon-skipping candidate, ENTR-601-44, and found no serious adverse events (SAEs), no drug-related adverse events, and no clinically significant changes in vital signs, electrocardiograms (ECGs), physical exams, or laboratory assessments.
The study results showed promising signs of efficacy. Muscle concentration of the drug was detected in all subjects within the highest 6mg/kg dose cohort, with a mean concentration of 53.8ng/g. Additionally, the trial demonstrated significant exon skipping, a critical measure of the drug’s mechanism of action, with a mean target engagement of 0.44%. This level of exon skipping was statistically significant when compared to placebo, particularly in the 6mg/kg dose cohort.
The authorization to initiate the ELEVATE-44-201 study is a pivotal step for Entrada Therapeutics, as it represents progress in the potential treatment of DMD, a genetic disorder characterized by progressive muscle degeneration. The trial will further evaluate the safety, tolerability, and efficacy of ENTR-601-44 in patients with a mutation in the DMD gene amenable to exon 44 skipping.
H.C. Wainwright’s reiterated Buy rating and price target reflect confidence in Entrada Therapeutics’ progress and potential in addressing a significant unmet medical need. The firm’s analysis is based on the therapeutic candidate’s demonstrated safety profile and initial signs of efficacy from the Phase 1 trial results. The company’s financial performance supports this optimism, with InvestingPro data showing impressive revenue growth of 147% over the last twelve months and three analysts revising their earnings expectations upward for the upcoming period.
In other recent news, Entrada Therapeutics has been making significant strides in the biopharmaceutical field. The company announced that it received authorization from the UK’s Medicines and Healthcare Products Regulatory Agency to initiate a Phase 1/2 clinical trial for its Duchenne muscular dystrophy drug candidate, ENTR-601-44. The trial is set to commence in the second quarter of 2025. In other developments, Entrada’s CEO, Dipal Doshi, has been elected to the Board of Directors of Azenta, Inc., a global provider of life sciences solutions.
Entrada Therapeutics has also been the recipient of positive analyst attention. Roth/MKM initiated a Buy rating on the company, with a price target of $29.00, based on positive results from the Phase 2a study of its drug neflamapimod. Oppenheimer maintained an Outperform rating and increased the price target to $28.00, while H.C. Wainwright also maintained a Buy rating and lifted its price target to $20.00.
The company’s preliminary data from its Phase 1 ENTR-601-44-101 study for Duchenne muscular dystrophy has shown promising results. Additionally, Entrada is making progress in its collaboration with Vertex Pharmaceuticals (NASDAQ:VRTX) on the DM1 program, having completed a Single Ascending Dose study. Regulatory filings for Duchenne muscular dystrophy are expected in the fourth quarter of 2024. Finally, Entrada has promoted Natarajan Sethuraman, PhD, to President of Research and Development.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.