Stoke Therapeutics price target raised to $47 from $35 at H.C. Wainwright

H.C. Wainwright raised the firm’s price target on Stoke Therapeutics (STOK) to $47 from $35 and keeps a Buy rating on the shares. Stoke and Biogen (BIIB) announced a collaboration deal on the development of zorevunersen, with Stoke receiving $165M upfront along with other development and milestone payments, with tiered royalties from low double-digit to high teens on potential net sales, the analyst tells investors in a research note. The firm views the deal as a A “win-win for both the parties, and especially for Stoke.” The news not only validates the science and the mechanism of action of zorevunersen, “but takes a huge pressure off the commercial development front,” contends H.C. Wainwright.