Aug. 28 at 10:57 AM
Wells Fargo⬆️
$RARE's PT to
$50 vs
$46,⬆️PoS to 75% vs 60% and stayed Overweight ahead of the GTX-102 Phase 3 Angelman Syndrome update after taking a close look at both Bayley-4 and MDRI, and w/ the help of 2 KOLs, they came away incrementally more +VE.
$IONS $PTCT
Wells Fargo: Stock setup.
We believe the consensus PoS on the GTX-102 Angelman Syndrome Ph3 readout is <50%, given only minor appreciation of shares ahead of the data, and negative reactions to prior updates.
We believe the main debates are:
(1) the reproducibility of phase 2 given there are a number of changes to the Ph3;
(2) safety, and the potential for radiculopathy, and
(3) the relevance of MDRI which garners 20% of the alpha allocation.
