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As previously reported, SVB Leerink analyst Joseph Schwartz initiated coverage of Reneo Pharmaceuticals with an Outperform rating and $25 price target. The analyst notes that Reneo is a clinical-stage biopharma company aiming to unlock the potential of peroxisome proliferator-activated receptor delta agonists in rare mitochondrial diseases. While PPARdelta has been controversial in the past due to a history of preclinical safety issues, the seasoned management team is leveraging their scientific and industry knowledge to develop their candidate where the risk/benefit is favorable, Schwartz contends.

SVB Leerink initiated coverage of Reneo Pharmaceuticals with an Outperform rating and $25 price target.

Jefferies analyst Eun Yang initiated coverage of Reneo Pharmaceuticals with a Buy rating and $24 price target. The company's single asset, REN001, is in Phase 2b testing for primary mitochondrial myopathies with data due in 2023, noted Yang. The late-stage asset is targeting a large unmet needs and its preclinical and clinical data so far point to early efficacy signals and good safety, said Yang.

Piper Sandler analyst Yasmeen Rahimi initiated coverage of Reneo Pharmaceuticals with an Overweight rating and $45 price target. The company has a "product-within-a-pipeline" with REN001, which can "jumpstart" mitochondrial biogenesis and increase fatty acid oxidation and has "strong proof-of-concept data de-risking" clinical development in three orphan mitochondrial diseases, Rahimi tells investors in a research note. The analyst believes Reneo is "undervalued and represents a buying opportunity."