UniQure (QURE) stock jumped by an impressive 248% on Wednesday after the biotech company announced that its AMT-130 experimental gene therapy slowed the progression of Huntington’s disease by 75% in an early-to-mid stage study. The news also triggered a rally in shares of partner ClearPoint Neuro (CLPT), which closed 59% higher. Several Wall Street analysts cheered the news and lifted their price targets for QURE stock.
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UniQure’s trial results are being viewed as a major breakthrough, as currently there are no treatments approved by the U.S. Food and Drug Administration (FDA) for Huntington’s, which is a rare inherited brain disorder that steadily worsens and generally leads to death 10 to 30 years after symptoms begin.
The company also announced that it has entered into a $175 million non-dilutive senior secured term loan facility with Hercules Capital (HTGC), which keeps funds from the outstanding $50 million debt available until 2030 and provides access to an additional $125 million to support the potential commercial launch of AMT-130.
Analysts Raise Price Targets for QURE Stock
Following the favorable development, Leerink analyst Joseph Schwartz raised his price target for UniQure stock to $68 from $48 and reiterated a Buy rating. The 5-star analyst views the topline results from the pivotal Phase 1/2 study of AMT-130 in Huntington’s disease as a “game-changer and a definitive win” for the company. Schwartz continues to see this data as definitive, clearly marking a difference in progression across multiple measures of function and cognition.
Likewise, RBC Capital analyst Luca Issi increased the price target for QURE stock to $55 from $24 and reaffirmed a Buy rating. Issi noted that UniQure shared updated 36-month Huntington’s data that showed a benefit consistent across multiple endpoints. Issi is bullish on UniQure, as it “likely has a drug for a devastating disease that comes with 12x higher risk of committing suicide.”
Additionally, Stifel analyst Paul Matteis increased the price target for UniQure stock to $65 from $30 and reiterated a Buy rating. The 4-star analyst noted that the three-year AMT-130 data suggest a larger market opportunity and a higher probability of approval. Matteis is encouraged by AMT-130 data, given the severity of Huntington’s, the strength of the trial’s efficacy, and UniQure’s “attained alignment” with the FDA ahead of the three-year data.
Is QURE a Good Stock to Buy?
Overall, Wall Street has a Strong Buy consensus rating on UniQure stock based on nine unanimous Buy ratings. The average QURE stock price target of $57.14 indicates 20.3% upside potential.
