Oppenheimer assumed coverage of Gain Therapeutics with an Outperform rating and $8 price target. The firm notes the company reported Q2 results with OpEx of $8.2M and cash of $16.9M, which provide expected runway into the second half of 2025 to support multiple clinical milestones. Gain recently announced the completion of dosing in the MAD portion of the Phase 1 trial of ‘287 in 32 healthy volunteers. Topline results from the MAD study remain on track for mid-August with full presentation expected at an upcoming medical conference in Q4 2024, Oppenheimer adds. Meanwhile, Gain plans to initiate a 3-month Phase 1b study of ‘287 in 20-30 GBA1-PD patients in Q4 2024, which will likely provide some initial clinical proof-of-concept data and supporting biomarker data in PD patients in the first half of 2025.
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