Dicerna Pharma (DRNA): Strategy Shift Should Yield LT Gains - Stifel
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Stifel analyst, Stephen Willey, reiterated his Buy rating on shares of Dicerna Pharmaceuticals (NASDAQ: DRNA) after the company announced a plan to focus its resources on the development of GalXC RNAi chemistry platform. Under the plan, Dicerna will discontinue the development of DCR-PH1 (an LNP-delivered RNAi therapy), and focus on the development of DCR-PHXS (GalXC candidate) for the treatment of primary Hyperoxaluria (PH1).
An IND or CTA filing for DCR-PHXC is targeted for late-FY17. Additionally, Dicerna will discontinue the development of DCR-MYC (delivered via Dicerna’s ENCORE LNP system) given suboptimal efficacy data (discussed below) emerging out of ongoing P1/2 trials. Dicerna will initiate two additional GalXC programs in FY16 – one targeting PCSK9, and a second undisclosed rare disease program. The company also plans to launch three GalXC programs every year, and have five programs in the clinic by FY19. The GalXC platform technology utilizes GalNAc sugars to mediate the subcutaneous delivery of Dicer substrates directly to the liver
No change to the Dicerna Pharma (NASDAQ: DRNA)
price target of $13.
Shares of Dicerna Pharmaceuticals closed at $4.27 yesterday.
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