Stifel Maintains Buy Rating on Lexeo Therapeutics (LXEO)

Lexeo Therapeutics, Inc. (NASDAQ:LXEO) is one of the 11 Best New Penny Stocks to Buy Right Now. On July 7, Stifel reiterated its “Buy” rating for Lexeo Therapeutics, Inc. (NASDAQ:LXEO) with a price target of $21.

This decision came after the company announced that the FDA gave Breakthrough Therapy Designation to its treatment called LX2006.

The FDA granted Breakthrough Therapy Designation for LX2006 in both cardiac and neurologic measures of Friedreich ataxia (FA). Lexeo Therapeutics, Inc. (NASDAQ:LXEO) also shared that LX2006 has been selected to participate in the FDA Chemistry, Manufacturing, and Controls (CMC) Development and Readiness Pilot (CDRP) program, which is designed to expedite clinical development timelines.

Stifel sees the Breakthrough Therapy Designation as a good sign for Lexeo Therapeutics, Inc.’s (NASDAQ:LXEO) regulatory prospects. The firm noted that this designation suggests that the FDA may be more flexible for rare disease gene therapies.

Lexeo Therapeutics, Inc. (NASDAQ:LXEO) is a clinical-stage genetic medicine company focused on developing therapies for cardiovascular diseases.

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Disclosure: None. This article is originally published at Insider Monkey.