Mar. 3 at 2:42 PM
Wedbush⬆️
$LRMR's PT to
$12 and reiterated at an Outperform rating.
$BIIB $SLDB $LXEO $PTCT
Wedbush said—Last week, LRMR completed an upsized
$100M offering following receipt of Breakthrough Therapy designation for nomlabofusp in Friedreich's ataxia. After incorporating the raise, we are also increasing our 4Q25 spending to tie with YE25 cash ~
$137M.
LRMR remains on track for a ~June 2026 nomlabofusp BLA submission and presuming Priority Review is granted, this could translate to an approval decision as soon as ~February 2027.
We continue to assume commercial launch in 2Q27.
While we acknowledge recent FDA decisions have been a source of concern for investors, we are encouraged LRMR continues to hold an active dialog with the agency. Most important remains continued alignment on key elements of the nomlabofusp BLA review package. The net of our updates yields a new
$12 target (prior
$11) and we remain Outperform rated on LRMR.
