Q32 Bio initiated with an Overweight at Piper Sandler

Piper Sandler analyst Christopher Raymond initiated coverage of Q32 Bio with an Overweight rating and $45 price target. At the stock’s current valuation, the market is significantly discounting the probability of success for this company’s lead assets, ADX-914, in development for atopic dermatitis and alopecia areata, and ADX-097, in development for ANCA associated vasculitis, the analyst tells investors in a research note. The firm says with with meaningful proof of concept coming from both assets in coming quarters, it “would be buyers here.”