Aug. 14 at 11:00 AM
Mizuho⬆️
$QURE to OP-
$30 from N-
$20.
$PTCT $WVE $NBIX $IONS - RHHBY TEVA KRRO HLUBF HLBBF
Mizuho: We upgrade
$QURE from Neutral to Outperform and increase our PT from
$20 to
$30, as
(1) we believe AMT-130 could be a dominant player in the evolving Huntington's disease (HD) landscape;
(2) we see AMT-130 treatment in a significantly
broader population based on positive KOL feedback and increase HD market penetration from 5% to 12% of total prevalence, with 2035 peak unadjusted/adjusted sales of
$2.5B/
$1.8B; and
(3) at current levels, we believe
$QURE hasn't incorporated likely positive 3-year data from the Phase 1/2 trial in late 3Q25 (September) to support BLA filing for accelerated approval in 1Q26.
Although the potential for fatal acute liver failure has become a major concerns with AAV-based gene therapy products, AMT-130 is not subjected to this risk, given its direct administration into the brain (striatum), lower viral load, and prophylactic immunosuppression protocol.
