Q32 Bio initiated with an Overweight at Wells Fargo

Wells Fargo initiated coverage of Q32 Bio with an Overweight rating and $95 price target. The firm likes the setup for the shares ahead of the “two major” Q4 Phase 2 readouts for the company’s lead program bempikibart. The Street’s odds of success are too low for these programs and the shares could more than double, the analyst tells investors in a research note. The firm says that by blocking Th1 and Th2 and affecting OX40L, bempikibart has the potential to impact acute and chronic atopic dermatitis pathogenesis while maintaining therapeutic effects and restoring immune balance.