Regenxbio Inc. (RGNX) PT Raised to $40 at Stifel

Stifel analyst Annabel Samimy raised the price target on Regenxbio Inc. (NASDAQ: RGNX) to $40.00 (from $35.00) while maintaining a Buy rating.

The analyst comments "We reiterate our Buy on RGNX and raise TP to $40 after another meaningful RGX-202 update from the AFFINITY-DUCHENNE Ph.1/2 trial, including follow-up from Dose Level 1 and now the first expression data from Dose Level 2 demonstrating a clear step-up in mean expression. Specifically, RGX-202 generated 75.7% expression at DL2 (12.1-yo), with an equally impressive reduction (-77%) in creatinine kinase/CK—a marker of muscle injury—and the first early evidence of strength and functional improvement. Safety remained intact (follow-up between seven weeks and 11 months), with most post-administration prophylactic regimens complete. Though only a handful of patients, we think these data underscore RGX-202’s differentiating muscle-targeting and C-terminus features generating strong microdystrophin expression in the widest range of patients (including older patients with presumably more advanced deterioration). Following full DL2 results in 2Q24, RGNX intends to make a dose determination for pivotal studies by mid-2024, using microdystrophin expression for BLA filing."

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