Regulus Therapeutics (RGLS) PT Lifted to $18 at Needham & Company on Surprisingly Strong RG-101 Data in HCV

Needham & Company analyst Alan Carr reiterated a Buy rating and boosted his price target on Regulus Therapeutics (NASDAQ: RGLS) to $18.00 (from $14.00) after the company impressive initial data from a Phase 1 trial of RG-101 in HCV patients

Carr commented, "The company reported a mean viral load reduction of 4.1 log at day 29 in 14 GT1, GT3, and GT4 tx-naive and tx-experienced patients after a single administration of 2mg/kg RG-101. Surprisingly, 6/14 pts reached HCV RNA levels below limit of quantification at day 29. All 3 of the pts that have reached day 57 follow-up in this group of 6 pts still have RNA levels below limit of quantification. Results from a 4mg/kg dose cohort are expected in early 2015. We recognize there have been substantial improvements in the treatment of HCV with respect to convenience (8-12 week once-daily oral regimen) and efficacy (90%+). Nevertheless, RG-101 may provide relevant additional benefits in combination with an oral regimen, including, for example, an even shorter treatment duration. RG-101 efficacy without regard to GT and prior tx is encouraging. One can envision the possibility of a pan-GT regimen combining a single administration of RG-101 with one month of an oral agent. We reiterate our BUY rating and are raising our price target to $18 (was $14) based on this new proof-of-concept data for RG-101 in HCV and reduced risk associated with the program."

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Shares of Regulus Therapeutics closed at $6.77 yesterday.

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