Q32 Bio initiated with an Outperform at Leerink

Leerink analyst Thomas Smith initiated coverage of Q32 Bio with an Outperform rating and $54 price target. Q32 is a clinical-stage biotech developing antibody-based therapies for the treatment of autoimmune and inflammatory diseases, the analyst tells investors in a research note. The analyst says the company’s lead asset bempikibart has demonstrated encouraging early data and appears generally well-tolerated in healthy volunteers. It views atopic dermatitis as a multi-billion dollar market capable of supporting multiple mechanisms, and believes bempikibart has the potential to capture share from incumbents through a differentiated clinical profile.