Analyst Joseph Stringer of Needham maintained a Buy rating on Stoke Therapeutics (STOK – Research Report), retaining the price target of $22.00.
Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
Joseph Stringer has given his Buy rating due to a combination of factors surrounding Stoke Therapeutics’ recent collaboration with Biogen. One of the primary reasons is the upfront cash infusion of $165 million from Biogen, which significantly extends Stoke’s cash runway, allowing them to finance key development phases without diluting shareholders. The collaboration agreement also includes potential milestone payments and royalties, providing additional financial benefits.
Stringer notes the strategic advantage of partnering with Biogen, a well-regarded company in the CNS-related field, which enhances Stoke’s position in the market. Furthermore, the deal allows Stoke to retain a significant share of the development costs and future revenues, making the financial terms particularly favorable. This collaboration is seen as a pivotal step for Stoke, especially with the upcoming Phase 3 trial of zorevunersen in Dravet Syndrome, expected to begin in the second quarter of 2025.
According to TipRanks, Stringer is a 2-star analyst with an average return of 0.2% and a 38.17% success rate. Stringer covers the Healthcare sector, focusing on stocks such as Lexicon Pharmaceuticals, Vertex Pharmaceuticals, and Stoke Therapeutics.
In another report released today, H.C. Wainwright also maintained a Buy rating on the stock with a $47.00 price target.