Maze Therapeutics share sell-off an ‘overreaction,’ says Raymond James

Raymond James reiterates a Strong Buy rating and $56 price target on Maze Therapeutics (MAZE) after the company announced data from the ongoing Phase 2 HORIZON study of MZE829 in AMKD. Early proteinuria data showing that MZE829 achieved a 61.8% reduction at Week 12 in four focal segmental glomerulosclerosis patients, comparing favorably to proof-of-concept data for Vertex Pharmaceuticals’s (VRTX) inaxaplin and supporting competitiveness and a potential best-in-class profile in FSGS. Results in broader AMKD populations were more variable, with some greater than 30% responders across diabetic and non-diabetic patients, offering incremental mechanistic validation but limited de-risking beyond FSGS pending larger datasets and future HORIZON updates. The firm says the sell-off on the HORIZON study update looks like an overreaction.