In a report released today, Gil Blum from Needham maintained a Buy rating on Recursion Pharmaceuticals (RXRX – Research Report), with a price target of $11.00.
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Gil Blum’s rating is based on the promising data presented by Recursion Pharmaceuticals at the International Stroke Conference, highlighting positive outcomes from the Phase II study of their drug, REC-994, for treating Cerebral Cavernous Malformations (CCM). The study revealed that REC-994 has a clean safety profile, which is essential for its long-term use, and showed improvement or stabilization in the modified Rankin Scale (mRS) for patients, a key measure of functionality in stroke patients.
Additionally, the data indicated that a higher percentage of patients in the 400 mg REC-994 group experienced reductions in cerebral lesion volume compared to those on placebo, despite some variability among patients. With no current non-surgical interventions available for CCM, these findings are encouraging, and positive feedback from the FDA could further propel the program. Therefore, Gil Blum maintains a Buy rating and a price target of $11, anticipating further developments following upcoming discussions with the FDA.
According to TipRanks, Blum is an analyst with an average return of -8.1% and a 33.72% success rate. Blum covers the Healthcare sector, focusing on stocks such as Cartesian Therapeutics, Sarepta Therapeutics, and Autolus Therapeutics.