Jan. 13 at 12:20 PM
Oppenheimer reiterated
$LXEO Outperform-
$20
$RCKT $TNYA
$LRMR $BIIB VYGR DSGN PTCT
Oppenheimer said in its note:
We believe yesterday's interim look from LX2020's Phase 1/2 HEROIC study in PKP2-associated
arrhythmogenic cardiomyopathy (PKP2-ACM) yielded clear efficacy signals across the high-dose cohorts accompanied by unconcerning safety observations.
With shares having closed down 23% vs. a flat XBI, the market may have been looking for a more consistent relationship between PKP2 increase and arrhythmia improvement-but we emphasize that the data remain immature, and look forward to 12-month follow-up results from all high-dose participants in 4Q26.
We regard the selloff as having made the shares
more attractive in view of LX2006's opportunity in Friedreich's ataxia (
$1B+ US peak sales opportunity), which remains the key LXEO investor focus in our view and for which Phase 2 remains on track to begin in 1H.
