Jefferies analyst Roger Song reiterated a Buy rating and $62.00 price target on BioAge Labs Inc (NASDAQ: BIOA)

The analyst commented, "BIOA is entering a critical stage, riding the tailwind of NLRP3 class success last year/ BGE-102 demonstrated best-in-class potential with early Ph1 data, which lead to upsized raise to further strengthen cash/ runway to 2029. Co expanded Ph2a to incorporate dose ranging with data in 2H to pot'ly fast-forward to Ph3 by YE27. Ph1b/2a DME study is on track to initiate mid'26. We think NLRP3 Ph2 execution/ data can pot'ly trigger BD deal. Bottom line. BIOA wrapped the year highlighted by strong execution on the clinical side, with BGE-102 demonstrating a pot'ly best-in-class (BIC) profile with differentiated chemistry (unique binding site/ high potency/ brain penetrance) and robust early clinical data in Jan, followed by upsized raise and thoughtful strategy to move into Ph2a CV risk with clear path to Ph3 in full speed. We think the stock setup from here is very attractive, as NLRP3 has become a major CV target following robust hsCRP reduction, as well as Ventyx (NLRP3)/ LLY (~$1.2B) and Tourmaline (IL6)/ NVS (~$1.4B) deals. We like that BIOA swiftly pivoted BGE-102, positioning for ASCVD with accelerated timeline - Ph2a now incorporating dose range finding (data still guiding 2H) to potentially support directly moving into Ph3 by YE27, although we think successful Ph2a data will likely trigger BD deal in the ~$1-1.2B range (NOTE), if not before Ph2a data. We think the expansion into two ophthalmology indications - diabetic macular edema (DME)/ geographic atrophy (GA), backed by strong biology, high unmet need and reasonable size to take on their own, is another smart move to maintain core platform value/ potentially momentum building after ASCVD is out of the picture."

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Shares of BioAge Labs Inc closed at $18.63 yesterday.