Benitec Biopharma initiated with an Outperform at Baird

Baird initiated coverage of Benitec Biopharma (BNTC) with an Outperform rating and $30 price target The firm says Benitec’s BB-301 gene therapy packages siRNA and healthy protein into a one-time treatment of oculopharyngeal muscular dystrophy, a disease with high unmet need, no currently approved treatments, and no disease-modifying assets in the clinic other than BB-301. B-301 has greatly improved patients’ ability to swallow with a clean safety profile to date, and the trial design provides a regular cadence of data updates over the next year, the analyst tells investors in a research note.