Wilsons Report - 27c 12-month target

New report from Wilsons - 27c in 12 months.

We maintain our OVERWEIGHT rating on Percheron Therapeutics (formerly Antisense Therapeutics) with an updated risked PT of $0.27/sh. Percheron have released their 4C for 2Q24. Importantly we can see significant traction in recruitment of their Phase IIb trial in non-ambulant Duchenne Muscular Dystrophy (DMD) with their agent ATL1102. 20 patients out of 45 have been recruited thus far, noting an elongated recruitment rate since June-23 has materially improved, now expected to complete by end of current quarter (WILSe: April ’24). This sets up a topline data readout early ~4Q24 given the 6-month treatment window in the trial design. This data readout presents an incredibly important catalyst for the stock, which has flailed for a period in the absence of any material new clinical data, since publication of their Phase IIa results in 2020. After an unrewarding few years we are reinvigorated by PER’s outlook in 2024 with our positive thesis still rooted in the fundamentals of their ATL1102 asset and its promise in a part of the DMD market (~50%) that remains underserved by approved treatments, and excluded from pipeline programs.

Full report HERE