| Tuesday | ||||
Piper Sandler analyst… Piper Sandler analyst Yasmeen Rahimi lowered the firm's price target on Reneo Pharmaceuticals to $18 from $45 and keeps an Overweight rating on the shares. The analyst said he is bullish ahead of topline LC-FAOD data in July 2022 especially after the firm's recent conversation with management, which provided "thoughtful" comments about study expectations and opportunity to expand into nuclear defect PMM patients. | ||||
| Over a week ago | ||||
The Company had $138.7… The Company had $138.7 million in cash, cash equivalents and short-term investments as of March 31, 2022. "During the first quarter of 2022, we continued to make good progress across our REN001 programs," said Gregory J. Flesher, President and CEO of Reneo Pharmaceuticals. "The STRIDE study, our ongoing Phase 2b clinical trial in primary mitochondrial myopathies (PMM), is enrolling well with 50% of the target enrollment now complete. In addition, all patients have completed the Phase 1b clinical trial and the FORWARD natural history study in long-chain-fatty acid oxidation disorders (LC-FAOD), and we anticipate sharing the results of both studies in July 2022. Furthermore, we added rare disease drug development and commercialization expertise to our Board of Directors, as well as made changes to the executive leadership team in order to support our planned growth over the coming years," concluded Mr. Flesher. | ||||
| Over a month ago | ||||
SVB Leerink analyst… SVB Leerink analyst Joseph Schwartz lowered the firm's price target on Reneo Pharmaceuticals to $15 from $25 and keeps an Outperform rating on the shares. The analyst notes the company reported Q4 financial results and announced the termination of its McArdle program after seeing Phase 1b data that wasn't compelling enough to pursue in McArdle disease. | ||||
Piper Sandler analyst… Piper Sandler analyst Yasmeen Rahimi keeps her Overweight rating and $45 price target on Reneo Pharmaceuticals after its Q4 results. The analyst states that she was pleased to note that the company's Phase 2b STRIDE study in PMM is enrolling well and that the management expects to complete enrollment by the end of 2022. Rahimi adds that muscle biopsy data from the Phase 1b study shows a significant improvement in 3 genes that are associated with functional improvement of the muscle tissue. | ||||
"2021 was a… "2021 was a transformational year for Reneo, highlighted by our debut as a public company and the significant progress we made on our REN001 clinical programs," said Gregory Flesher, president and CEO of Reneo Pharmaceuticals. "Despite the persistent challenges associated with the global COVID-19 pandemic, we made good progress with enrollment of our pivotal PMM study and completed enrollment of three other clinical studies, including the exploratory Phase 1b trials in McArdle disease and LC-FAOD. Furthermore, we expanded our intellectual property portfolio in the U.S. and strengthened our rare disease capabilities by making key additions to the Executive Team and the Board of Directors. Finally, we ended the year with approximately $147 million in cash and investments which will fund the company through the completion of our pivotal PMM study and into 2024." | |
Reneo Pharmaceuticals… Reneo Pharmaceuticals announced the appointments of Michael Cruse to the role of Chief Operating Officer and Jennifer Lam to the role of Principal Financial and Accounting Officer. Cruse has over 20 years of operational experience. Cruse most recently served as Senior Vice President of Corporate Operations at Reneo Pharmaceuticals. Lam has over 25 years of experience. Lam currently serves as Vice President of Finance and Accounting at Reneo Pharmaceuticals. |
| Over a quarter ago | ||||
As previously reported,… As previously reported, Baird analyst Brian Skorney initiated coverage of Reneo Pharmaceuticals with an Outperform rating and $28 price target. Reneo's lead asset, REN001, has the potential to effectively treat a range of metabolic diseases, said Skorney, who believes a 2023 readout of Phase 2b data in Primary Mitochondrial Myopathies, or PMM, which is he most advanced indication for REN001, could advance this program to regulatory review. He likes the risk/reward into this key catalyst and also sees "numerous opportunities for excitement" with 2022 readouts expected for two earlier-stage programs, Skorney said. | ||||
Baird analyst Brian… Baird analyst Brian Skorney initiated coverage of Reneo Pharmaceuticals with an Outperform rating and $28 price target. | ||||
Reneo Pharmaceuticals… Reneo Pharmaceuticals (RPHM) announced changes to its Board of Directors. Paul Hoelscher, Executive Vice President, Chief Financial Officer of Horizon Therapeutics (HZNP), has been appointed to the Board and will serve as chair of the Audit Committee. In conjunction with the appointment of Hoelscher, Kenneth Harrison, Partner at Novo Ventures, resigned from the Reneo Board of Directors. Reneo also announced that Lon Cardon, Ph.D. will not seek re-election to its Board of Directors at the upcoming 2022 annual meeting of shareholders. Dr. Cardon recently assumed the role of President and Chief Executive Officer of The Jackson Laboratory and due to institutional policy will be unable to serve on the Board beyond his current term. | ||||
