Cantor Fitzgerald Starts CAMP4 Therapeutics Corp (CAMP) at Overweight

Cantor Fitzgerald analyst Steve Seedhouse initiates coverage on CAMP4 Therapeutics Corp (NASDAQ: CAMP) with a Overweight rating, PT $7.00.

The analyst comments "We are initiating coverage of CAMP with a $7 price target and Overweight rating. CAMP develops ASOs targeting "regRNA." Flagship program is CMP-SYNGAP-01, which is designed to correct (i.e., restore) expression of SynGAP protein in a haploinsufficiency disorder caused by de novo mutations in SYNGAP1 gene. CAMP expects to initiate Phase 1 next year (2H26). SYNGAP is, in our view, an early-stage Dravet-like story. Specifically: ■ The epidemiology may be similar (see slides 22-23). ■ SYNGAP is a pleiotropic neurodevelopmental disorder. Common features of SYNGAP1-related disorders (SRD) include 1) epilepsy, 2) intellectual disability 3) autism 4) behavior issues 5) sleep problems. ■ Genetic testing of undiagnosed epilepsy or intellectual disability cohorts reveals SYNGAP1 mutation is responsible for anywhere from 0.5-5% of cases. ■ SRD is a devastating condition which has been historically understudied and underdiagnosed. 2021 marked an inflection in awareness and therapeutic development. ■ As awareness and diagnosis of SRD improve, we expect the diagnosed, addressable population to gradually climb to ~8k affected individuals in the U.S. CAMP's preclinical data are solid. Designing an intrathecal ASO to target nuclear RNA for a CNS disorder is a proven therapeutic approach derisked by Spinraza ■ ASOs reach the nucleus, can modulate RNA activity, and maintain PK/PD over ~6 months. ■ A preclinical mouse model leveraged by CAMP recapitulates the human molecular defect and phenotype of SRD (see slide 26). ■ CAMP’s ASO candidate restores SYNGAP protein in this humanized haploinsufficiency mouse model and rescues phenotype (see slides 30-31). ■ PK/PD translated well to NHPs, with exposures comparable to Spinraza preclinically."

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Shares of CAMP4 Therapeutics Corp closed at $2.95 yesterday.

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