In a report released yesterday, Brian Cheng from J.P. Morgan maintained a Buy rating on Eikon Therapeutics, Inc., with a price target of $29.00.
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Brian Cheng has given his Buy rating due to a combination of factors tied to Eikon Therapeutics’ emerging pipeline and valuation outlook. He highlights that the company is advancing several key programs, including its lead TLR7/8 agonist and next-generation PARP inhibitor, both of which target sizeable oncology markets and are progressing through clinical development with upcoming data at ASCO expected to further clarify efficacy and durability.
Cheng also points to Eikon’s proprietary SMT platform, which he views as a sustainable engine for discovering additional differentiated assets, exemplified by the WRN helicase inhibitor recently entering the clinic. Incorporating updated first-quarter figures into a DCF-based sum-of-the-parts model, he maintains a December 2026 price target of $29, reflecting the projected value contributions from EIK1001 in melanoma and NSCLC, EIK1003 in PROC, and the broader pipeline, supporting his continued Buy recommendation.