In a report released today, Yigal Nochomovitz from Citi upgraded ProQR (PRQR – Research Report) to a Buy, with a price target of $4.00.
Yigal Nochomovitz has given his Buy rating due to a combination of factors influencing ProQR’s stock. One of the primary reasons is the company’s current market valuation, which is nearly equivalent to its cash reserves, suggesting that the market is undervaluing its pipeline. The lead drug, AX-0810, which targets cholestatic diseases, is expected to be a significant catalyst with upcoming clinical trial submissions and data releases.
Despite previous setbacks, the potential market for AX-0810 is substantial, addressing a large patient population in the US and EU. This opportunity, coupled with the stock’s recent decline, presents a compelling valuation case for investors. Nochomovitz sees a significant potential share price return, which justifies the upgrade from a Neutral to a Buy rating, with a reiterated target price of $4 per share.