Analyst Explains Why They Upgraded Their Rating on Audentes Therapeutics (BOLD)


In a report released today, Difei Yang from Mizuho Securities upgraded Audentes Therapeutics (NASDAQ: BOLD) to Buy, with a price target of $45. The company’s shares closed yesterday at $34.25.

Yang wrote:

“We do not see quarterly earnings as the most meaningful indicator of value for early stage biotechs. Importantly, XLMTM patients treated so far with AT-132 continue to show significant improvements in neuromuscular and respiratory function. Promising biopsy data was also presented. We are increasingly positive on the AT-132 program. and raise PT from $38 to $45.”

According to TipRanks.com, Yang is a top 100 analyst with an average return of 22.8% and a 54.8% success rate. Yang covers the Healthcare sector, focusing on stocks such as Nightstar Therapeutics Limited, Alder Biopharmaceuticals, and Revance Therapeutics.

Currently, the analyst consensus on Audentes Therapeutics is a Strong Buy with an average price target of $41.20, implying a 20.3% upside from current levels. In a report released yesterday, William Blair also maintained a Buy rating on the stock.

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Based on Audentes Therapeutics’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $31.37 million. In comparison, last year the company had a GAAP net loss of $22.74 million.

Based on the recent corporate insider activity of 16 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of BOLD in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Audentes Therapeutics, Inc. is a biotechnology company, which engages on development and commercialization of gene therapy products for patients with serious and rare diseases caused by single gene defects. Its products include AT001 for the treatment of X-Linked Myotubular Myopathy, AT002 for the treatment of Pompe disease, and AT003 for the treatment of Catecholaminergic Polymorphic Ventricular Tachycardia. The company was founded by Matthew R. Patterson and Thomas J. Schuetz on November 13, 2012 and is headquartered in San Francisco, CA.

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