Generate Biomedicines Target Hiked to $30, Following Positive Asthma Trial Results

H.C. Wainwright reiterated its Buy rating on Generate Biomedicines. The firm increased its price target to $30 from $25.

The adjustment follows the early release of Phase 1 data for asthma candidate GB-0895 on August 25. The data appeared prematurely on the European Respiratory Society's website.

GB-0895 showed maximal suppression of inflammatory biomarkers for at least six months. This result occurred at a 300 mg dose. The findings support a potential six-month subcutaneous injection schedule.

H.C. Wainwright raised the probability of approval for the asthma indication to 80%. This is an increase from the previous 75% estimate.