Analyst Mani Foroohar of Leerink Partners reiterated a Buy rating on Lexeo Therapeutics, Inc. (LXEO – Research Report), reducing the price target to $16.00.
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Mani Foroohar has given his Buy rating due to a combination of factors related to Lexeo Therapeutics’ promising pipeline and strategic focus. The company has shown positive progress in its clinical trials, particularly with LX2006 for Friedreich’s ataxia, where recent data indicates a dose response in frataxin expression and a potential reduction in left ventricular mass index. This progress suggests that Lexeo is on track to align with the FDA on pivotal study protocols this year, with significant milestones expected in the coming years.
Additionally, Lexeo is strategically reallocating resources towards its core programs, LX2006 and LX2020, which are showing promising developments. By redirecting $20 million from less critical areas and reducing its workforce by 15%, the company is strengthening its focus on these key initiatives. Despite a slight reduction in the price target from $18 to $16, the company’s financial position remains robust, with sufficient cash reserves to support ongoing operations, justifying the Buy rating.
In another report released on May 12, Chardan Capital also maintained a Buy rating on the stock with a $20.00 price target.
LXEO’s price has also changed dramatically for the past six months – from $7.690 to $2.630, which is a -65.80% drop .
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