H.C. Wainwright Reiterates a Buy Rating on Audentes Therapeutics

In a report released today, Debjit Chattopadhyay from H.C. Wainwright reiterated a Buy rating on Audentes Therapeutics (NASDAQ: BOLD), with a price target of $40. The company’s shares opened today at $34.64.

Chattopadhyay commented:

“We expect to see continued improvements at month 12 vs. the current follow up periods, which range from four to 24 weeks. Importantly, given that these data are from the lowest planned dose, management retains the option to advance to the sequentially higher dose cohort, with the potential for concomitant increase in kinetics and magnitude of response. Based on the encouraging data from AT132 thus far, we are increasing our target to $40. However, we don’t expect the stock to breakout of its current range until: (1) AT132 biopsy data confirms robust protein expression; and (2) AT342 efficacy issues are resolved, both anticipated during 2H18 (refer to our May 10, 2018 note). Evolution of CHOP-INTEND Scores in XLMTM Adapted from Audentes corporate presentation by H.C. Wainwright & Co.”

According to TipRanks.com, Chattopadhyay is a 3-star analyst with an average return of 2.9% and a 50.3% success rate. Chattopadhyay covers the Healthcare sector, focusing on stocks such as Global Blood Therapeutics, Mersana Therapeutics Inc, and Jounce Therapeutics Inc.

Currently, the analyst consensus on Audentes Therapeutics is Moderate Buy and the average price target is $36, representing a 3.9% upside.

In a report issued on May 9, 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 March 31, the company reported a quarterly GAAP net loss of $25.57 million. In comparison, last year the company had a GAAP net loss of $18.12 million.

Based on the recent corporate insider activity of 9 insiders, corporate insider sentiment is negative on the stock.

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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.