Jun. 27 at 3:06 PM
RBC Capital reit
$EWTX OP-
$48
"We Remain Bullish On Sevasemten's Potential In Becker's, DMD Can Serve As Upside"
$CAPR $SRPT
$BMY $CYTK
RBC added, "This morning
$EWTX shared updates on sevasemten in both BMD & DMD - we came away noting the following:
1) a clear registrational path to become the first-ever approved therapy for BMD, though no accelerated approval,
2) seva demonstrating sustained disease stabilization in BMD patients for up to 3 yrs in MESA,
3) mgmt confident drug is active in DMD, though ph.Ill plans still being finalized.
While the optics of the update may seem negative (no AA, no clear DMD win) - and we understand some downside is expected - we come away remaining positive on seva's potential to succeed in BMD with optionality in DMD, given clean safety, signals of efficacy, and we continue to trust mgmt's approach to development.
We would be buyers on weakness given high PoS for GRAND CANYON in 2026, as well as our conviction in parallel HCM development program for '7500."
