DICE Therapeutics rises as Needham starts coverage with 'buy' rating

Dice Therapeutics

31/03/2023 14:56

(Updates)
    ** Shares of DICE Therapeutics Inc  DICE.O  rise 3.1% to
$29.57
    ** Brokerage Needham initiates coverage on drug developer
with 'buy' rating and PT of $56 on skin disease drug promise
    ** Co's psoriasis drug seeks to leverage the clinical and
commercial success of Novartis'  NOVN.S  Cosentyx and Eli Lilly
and Co's  LLY.N  Taltz in psoriasis and other immunological
diseases - Needham
    ** Brokerage believes DICE offers a rare pure-play
opportunity to invest in an area of significant M&A interest for
large pharma companies
    ** Co will initiate a mid-stage trial for the drug DC-806 in
H1 2023, brokerage says proof-of-concept early stage data
suggests best-in-class potential in psoriasis
    ** Readout of DC-806's mid-stage trial, the next significant
value-driving catalyst, is expected in H2 2024- Needham
    ** DICE ended 2022 with cash of $574 million and no debt,
which brokerage expects to provide runway into 2026
    ** Despite sessions gains, stock down ~4% YTD

 (Reporting by Sriparna Roy)
 ((Sriparna.Roy@thomsonreuters.com;))