Leerink initiated coverage of Benitec Biopharma with an Outperform rating and $13 price target. A single-asset clinical data story, lead asset BB-301 is being evaluated to treat dysphagia in patients with oculopharyngeal muscular dystrophy – a rare, genetic muscle disorder in which dysphagia can lead to suffocation, regurgitation, and aspiration pneumonia. Standard of care is symptomatic, invasive and offers transient benefit, and a flexible regulatory environment could offer tailwinds into data from two dose cohorts next year, the firm argues. If successful, Leerink projects unadjusted global peak sales of $1.3B by 2034.
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