Needham analyst Joseph Stringer maintained a Buy rating on Stoke Therapeutics (STOK – Research Report) today and set a price target of $22.00.
Joseph Stringer has given his Buy rating due to a combination of factors that indicate a positive outlook for Stoke Therapeutics. The company has announced a smooth transition in leadership, with Ian Smith stepping in as interim CEO, ensuring stability as they continue their operations. The upcoming Phase 3 trial for their drug candidate zorevunersen, scheduled to begin in the second quarter of 2025, is a significant milestone that could drive future growth.
Furthermore, the financial position of Stoke Therapeutics appears robust, with a year-end 2024 cash balance of $247 million and additional funding from a collaboration with Biogen expected in February 2025. This financial strength is projected to support the company through the Phase 3 trial readout and into mid-2028, providing a solid foundation for their ongoing research and development efforts. These elements combined suggest a promising future for Stoke Therapeutics, justifying the Buy rating.
Stringer covers the Healthcare sector, focusing on stocks such as Lexicon Pharmaceuticals, Alnylam Pharma, and Vertex Pharmaceuticals. According to TipRanks, Stringer has an average return of -2.8% and a 35.38% success rate on recommended stocks.