Baird initiated coverage of Soleno Therapeutics with an Outperform rating and $72 price target. The firm thinks the regulatory approval of Soleno’s lead drug candidate, DCCR for the treatment of hyperphagia associated with Prader-Willi syndrome, or PWS, is “more likely than the market is currently crediting” given that FDA has openly discussed needing to adjust for studies run during COVID and being flexible when it comes to rare diseases. The firm sees DCCR “fitting nicely into a range of recent orphan approvals that have all resulted in substantially bigger opportunities” than implied by Soleno’s valuation, the analyst added.
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