There was good news today for biotech stock uniQure (NASDAQ:QURE). However, there was also bad news. Investors, meanwhile, took the bad news and ran with it so hard that they took over 11% of uniQure’s market cap with them as the stock traded much lower in Tuesday afternoon’s trading session.
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The good news for uniQure was that it landed approval from the Food and Drug Administration (FDA) to start testing a new application for AMT-260, a gene therapy candidate. AMT-260 is designed to attack refractory mesial temporal lobe epilepsy, a condition that doesn’t have many treatment options in its current form, despite the disease being a chronic one. Should AMT-260 prove effective, notes medical chief Walid Abi-Saab, that would allow uniQure access to a major new market.
The bad news, however, is much, much worse. UniQure dropped to a 52-week low at one point after it was ejected from the S&P SmallCap 600. As part of a larger movement, several stocks lost their positions in one of the S&P indices, and other stocks took them over. While uniQure has made some significant advances in recent months—the second quarter alone saw retail increase nearly four-fold, up 380% against 2022’s second quarter—it has yet to actually reach profitability. Still, if it can pull off that new drug successfully, that could help turn things around.
Analysts, meanwhile, look for big things from uniQure. With seven Buy ratings and one Hold, uniQure stock is considered a Strong Buy by analysts. Further, with an average price target of $31.33 per share, uniQure stock comes with 305.04% upside potential.
