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Barclays has started 4D Molecular Therapeutics (NASDAQ:FDMT) at overweight citing the validation of the company's adeno-associated virus (AAV) vector technology for delivering gene therapies.
The firm has a $45 price target (~71% upside based on April 12 close).
Analyst Dena Wang noted that the company's lead asset, 4D-150, "has provided validation of AAV capsid engineering with clean safety and suggested a promising clinical profile for Ph3 initiation (2H24) in wet age-related macular degeneration." The candidate is also under investigation for diabetic macular edema.
"We consider the cystic fibrosis and Fabry programs as free options and that validation of additional pipeline assets could provide long-term upside potential," she added. 4D-710, currently in phase 1/2, is the cystic fibrosis candidate, while 4D-310, also in phase 1/2, is the Fabry asset.
Wang wrote that phase 2 data on 4D-150 showed good safety via intravitreal injection, "a route of administration not previously successful in gene therapy in retinal diseases. High dose cohort showed 63% injection-free rate at [six months] follow up, exceeding our [key opinion leader's] threshold of ~50% for clinical meaningfulness."
She added that early data from 4D-710 and 4D-310 showed good AAV capsid delivery to lung and heart tissues.
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