SVB Securities initiated coverage of Disc Medicine with an Outperform rating and $36 price target. The firm notes the company’s lead product candidate, bitopertin, is a first-in-class oral inhibitor of GlyT1 currently being evaluated in Phase 2 studies in Erythropoietic Porphyrias. SVB sees significant commercial potential for bitopertin as the first disease-modifying therapeutic for EPP/XLP, with limited competition and a differentiated profile. Disc Medicine has also assembled a portfolio of assets focused on iron modulation, including DISC-0974, which is in Phase 1b/2 studies for the treatment of anemia in myelofibrosis and chronic kidney disease patients. With several promising clinical-stage candidates being developed in commercially attractive indications and cash runway through multiple potential value-inflecting catalysts, the firm sees a favorable risk-reward set-up for the shares.
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