Wells gives uniQure second upgrade on Prasad FDA departure

Wells Fargo upgraded uniQure (QURE) to Overweight from Equal Weight with a price target of $60, up from $15. RBC also upgraded uniQure this morning. The stock in premarket trading is up 36%, or $3.62, to $14.27. Wells sees an improved outlook for the company’s AMT-130 in Huntington’s disease following reports that Vinay Prasad is leaving the FDA next month. Prasad’s upcoming departure bodes well for AMT-130’s regulatory path forward, the analyst tells investors in a research note. In addition, Wells says the “severe backlash” faced by FDA leadership from media outlets and Huntington’s disease communities for its decision to require a new Phase 3 study underscores the support for AMT-130 from stakeholders. This should bode well for AMT-130’s review, approval, and commercial uptake, contends the firm.