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Investing.com - H.C. Wainwright lowered its price target on Lexeo Therapeutics (NASDAQ:LXEO) to $9.00 from $15.00 on Friday, while maintaining a Buy rating on the stock. Currently trading at $4.79, LXEO appears undervalued according to InvestingPro analysis, with analyst targets ranging from $9 to $28.
The price target reduction follows adjustments for dilution related to recent financing and modified operating expense projections, according to the research firm.
H.C. Wainwright noted that eight patients have now been dosed in the Phase 1/2 (HEROIC-PKP2) trial of LX2020, with patients distributed across three cohorts: low dose (3 patients), high dose (3 patients), and high-dose expansion (2 patients). Interim data from this trial is expected in the second half of 2025.
The firm highlighted early efficacy signals for LX2020, including a 67% PVC reduction at Month 6 in the first patient with mature follow-up, with no treatment-related serious adverse events reported to date.
H.C. Wainwright positioned Lexeo’s LX2020 favorably compared to competitor Rocket Pharmaceuticals’ (NASDAQ:RCKT) RP-A601 program in PKP2-associated ACM, noting that the competitor’s data showed variable PKP2 mRNA expression, inconsistent PVC reductions, and multiple safety concerns including elevated liver enzymes in all patients.
In other recent news, Lexeo Therapeutics has received significant attention following the U.S. Food and Drug Administration’s granting of Breakthrough Therapy designation for its gene therapy LX2006, aimed at treating Friedreich ataxia. This designation was based on promising interim clinical data showing improvements in cardiac biomarkers and functional measures. Additionally, the FDA has included LX2006 in its Chemistry, Manufacturing, and Controls Development and Readiness Pilot program to help accelerate patient access to the therapy. Oppenheimer has initiated coverage on Lexeo Therapeutics with an Outperform rating, setting a price target of $20.00, highlighting optimism about the company’s development of gene therapies for rare diseases. Stifel has also reiterated its Buy rating and set a $21.00 price target, following the breakthrough designation announcement. In corporate governance news, Lexeo’s stockholders elected two Class II directors and ratified the selection of its independent registered public accounting firm during the company’s virtual 2025 Annual Meeting of Stockholders. Steven Altschuler, M.D., and Reinaldo Diaz were elected as directors, both set to serve until 2028. These developments indicate active progress and strategic planning within the company.
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