Satellos Bioscience initiated with a Speculative Buy at Canaccord

Canaccord analyst Tania Armstrong-Whitworth initiated coverage of Satellos Bioscience with a Speculative Buy rating and C$1 price target. The company’s lead drug candidate, SAT-3247, is initially being developed for the treatment of Duchenne muscular dystrophy, the analyst tells investors in a research note. The firm sees potential for accelerated approval, noting SAT-3247’s target endpoint does not require waiting for muscle degeneration in the treatment arm to progress slower than placebo, but rather for the treatment arm to show improved muscle function. It forecasts peak sales of $2.0B.