Entrada Therapeutics initiated with an Outperform at Oppenheimer

Oppenheimer analyst Hartaj Singh initiated coverage of Entrada Therapeutics (TRDA) with an Outperform rating and $22 price target. Entrada is advancing lead program ENTR-601-44 in the clinic for patients with DMD amenable to exon 44 skipping and the firm is “intrigued” by the company’s Endosomal Escape Vehicle delivery platform for a wide range of therapeutic moieties, the analyst tells investors. The firm, which awaits first clinical data from Phase 1 healthy volunteers trial of ENTR-601-44 in the second half of 2024, adds that Entrada’s deal with Vertex Pharmaceuticals (VRTX) in DM1 gives it “conviction for platform valuation.”