On Thursday, Chardan Capital Markets acknowledged the potential of ProQR (NASDAQ:PRQR) Therapeutics N.V.'s (NASDAQ:PRQR) Axiomer RNA base-editing platform, leading to an increase in the company's price target. The price target for ProQR shares has been raised to $2.50 from the previous $2.00, while the firm continues to recommend a Buy rating for the stock.
The optimism from Chardan Capital Markets stems from the progress of ProQR's ADAR-based therapeutics, specifically AX-0810 for Cholestatic Diseases and AX-1412 for Cardiovascular Disease. These therapies are expected to enter clinical development between late 2024 and early 2025, which underpins the increased price target.
AX-0810, ProQR's therapeutic candidate for Cholestatic Diseases, is designed to introduce a loss of function variant known to block the re-uptake of bile acids in the liver. Management at ProQR believes that this mechanism could lead to a disease-modifying treatment for various cholestatic diseases.
AX-1412, targeting B4GALT1, is associated with reduced levels of LDL-C and fibrinogen, which are independent risk factors for cardiovascular disease. The modulation of protein glycosylation by AX-1412 is seen as a potentially new way to reduce cardiovascular disease risk.
ProQR's management has outlined a strategy for AX-1412, aiming to advance it to the early clinical proof of concept stage. Following this, the company plans to seek partners to further develop and commercialize this asset, given the larger market opportunity it presents.
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