uniQure a ‘mispriced’ gene therapy company, says Guggenheim

Guggenheim argues that despite the 55% move higher, uniQure remains “a mispriced GTx company” given that at current levels, the Street seems to be associating a less than 5% chance for accelerated approval in Huntington’s and zero pipeline value. The firm, which estimates Huntington’s disease is a $200B total addressable market with no disease modifying therapies, believes the stock could trade “meaningfully higher” than its current price target implies if management were to secure alignment with the FDA for accelerated approval. Guggenheim reiterates a Buy rating and $28 price target on uniQure shares.