Wedbush analyst Liana Moussatos reiterated an Outperform rating and boosted her price target on Regulus Therapeutics (NASDAQ: RGLS) to $42.00 (from $41.00) following Q2 results. The analyst projects $139MM cash lasts through 2016 and covers material catalysts.

Moussatos said "With RGLS trading at only $400MM marketcap after the recent pullback, we see a major buying opportunity in front of a series of potentially material clinical catalysts in 2015-2016 from three clinical programs. Regulus is managing the HCV and Alport Syndrome programs while AZN is anticipated to take over clinical development of the latest candidate: RG-125 for T2D and metabolic dysregulation (including NASH)."

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Shares of Regulus Therapeutics closed at $7.77 yesterday.