Maintain BUY and $2.40 price target. We continue to like the risk/reward asymmetry associated with the stock, now without a funding overhang and multiple key de-risking value inflection points.
Recall, we reach our $2.40 price target on a risked basis, and assume a 25% probability of success (PoS) in RP11, 15% in ADOA, 10% in ADPKD (autosomal dominant polycystic kidney disease) and 5% in Phelan McDermid. On a fully de-risked basis, we see potential upside to $12/share.
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