Wedbush bullish on Imago Bioscience's lead drug potential; shares gain

Hanall Biopharma

28/10/2022 17:24

** Shares of biopharma co Imago BioSciences Inc  IMGO.O 
rise 2.8% to $16.99 as brokerage Wedbush initiates with
"outperform" rating and $25 PT
    ** Brokerage says co's lead drug bomedemstat showed robust
efficacy in a fully-enrolled mid-stage study treating patients
with essential thrombocythemia (ET), a condition in which the
body produces too many platelets
    ** Wedbush sees a compelling market opportunity for
bomedemstat in the ET treatment market given the unmet need and
potential for expansion
    ** Bomedemstat's differentiated mechanism of action and
favorable safety profile is uniquely suited for patients -
Wedbush
    ** Brokerage says another mid-stage study testing the drug
for treating Myelofibrosis (MF) was well tolerated with mostly
low-grade adverse events observed in blood cancer patients
    ** Co in early 2020 received "fast track" designation by the
U.S. FDA in treating ET and MF
    ** A fast track designation facilitates development and
expedites review of therapies with the potential to treat a
serious condition where there is an unmet medical need
    ** Including session's gain, stock down 28.32% YTD
 (Reporting by Pratik Jain)
 ((Pratik.Jain@thomsonreuters.com;))