As previously reported, Bernstein analyst Vincent Chen started coverage of uniQure with an Outperform rating and $73 price target. The analyst sees the stock as largely fairly valued on the platform and the hemophilia B program, and expects uniQure's AMT-061 to be first to market but takes a cautious view on uptake. Nonetheless, Chen thinks the company does not get substantial value for its Huntington's program, with an estimated market of $15B-20B. The analyst is optimistic gene therapy could work, and believes it has a reasonable shot at being a meaningful part of the story.