Reneo Pharmaceuticals initiated with a Buy at H.C. Wainwright

H.C. Wainwright analyst Mitchell Kapoor initiated coverage of Reneo Pharmaceuticals with a Buy rating and $30 price target. Reneo is a biotech company focused on the development of mavodelpar, a “potent and selective” agonist of peroxisome proliferator-activated receptor delta, for the treatment of mitochondrial diseases such as primary mitochondrial myopathies and long-chain fatty acid disorders, the analyst tells investors in a research note. The firm believes primary mitochondrial myopathies is a substantial commercial opportunity and an indication with no approved therapies.