DICE Therapeutics (DICE) PT Raised to $54 at Stifel

Stifel analyst Alex Thompson raised the price target on DICE Therapeutics (NASDAQ: DICE) to $54.00 (from $37.00) while maintaining a Buy rating.

The analyst commented, "We think the full ph1 dataset for DC-806 support the positive topline and represent clear PoC in psoriasis. Most importantly, individual patient PASI data in the high dose cohort showed clear separation from placebo that was not driven by any major outliers and was consistent with exposure/biomarker evidence. Furthermore, granular safety data look clean (no treatment-related discontinuations)--LFTs across doses in line with placebo. While we think there are some valid nitpicks with the data--small N, absolute PASI reductions could have been larger (no PASI75), low dose didn't separate--we think that taken together, the data are about as good as you could expect from a small PoC study. Bottom line, given the clear efficacy signal and derisked target (IL-17), we are increasing our PoS to 40% from 25%--our target price goes to $54."

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