Zenas BioPharma, Inc., the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Judah Frommer from Morgan Stanley maintained a Buy rating on the stock and has a $34.00 price target.
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Judah Frommer has given his Buy rating due to a combination of factors, primarily driven by the promising results from Zenas BioPharma’s Phase 2 MoonStone study. The study demonstrated that obexelimab achieved a 95% reduction in new Gd-enhancing T1 MRI lesions in patients with relapsing multiple sclerosis, which is a significant marker of active inflammation. This result positions obexelimab favorably compared to existing B cell-depleting treatments.
Additionally, the safety profile of obexelimab was consistent with previous trials, and there is potential for further development in broader multiple sclerosis programs. The company’s strategic licensing of orelabrutinib, a BTK inhibitor in Phase 3 development for progressive MS, also adds to the potential growth prospects. These factors, along with anticipated future data readouts, contribute to the positive outlook and the increased price target for ZBIO’s stock.
In another report released today, Citi also maintained a Buy rating on the stock with a $46.00 price target.