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Oppenheimer analyst bullish about MiRagen Therapeutics’ Phase 2 trial for its drug MRG-110

Analyst Leah Rush Cann raised her price target on the stock of this development-stage biopharmaceutical company

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Revenue could reach US$1.2bn by 2025

The price target for the stock of MiRagen Therapeutics Inc (NASDAQ:MGEN), a development-stage biopharmaceutical company focused on the development of microRNA-targeted therapies, has been raised to US$13 and has received an Outperform rating from Leah Rush Cann, an analyst with Oppenheimer.

Cann describes a coming second early stage trial for MRG-110, a microRNA-92 inhibitor – which is in preclinical development – as “encouraging.”

As part of this second Phase 1 trial, healthy volunteers with induced wounds from biopsies will each receive an intradermal injection of MRG-110. After showing that it can accelerate the formation of new blood vessels in preclinical testing, MRG 110 may represent a possible treatment option not only for wound repair but for heart failure and peripheral artery disease.

Rush Cann of Oppenheimer estimates that MiRagen will first have revenue from its products in 2022 and in that year, its total revenue will amount to US$414.2mln. This figure could potentially grow to US$1.2bn in 2025, according to her estimates.

MRG-110 is being developed in collaboration with Servier, the French pharmaceutical company.

Rush Cann argues that MiRagen will outperform and hit its $13 target price within 12 to 18 months. She also projects that MiRagen will commercialize its development-stage drugs MRG-106, which fights cutaneous T-cell lymphoma, in 2022 and MRG-201, which takes aim at cutaneous fibrosis, in 2025.

In afternoon trade, MiRagen Therapeutics shed 1.6% to trade at US$6.76.

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