Maze Therapeutics (NASDAQ:MAZE) shares rose 2.9% in pre-market trading after CIBC initiated coverage of the clinical-stage biopharmaceutical company with an Outperformer rating and a $50 price target.
The move followed a decline of approximately 6.7% in Maze shares over the previous month.
According to the source, the CIBC initiation brings the number of analysts with buy-equivalent ratings on Maze to 13, with no hold or sell recommendations.
CIBC Coverage Coincides With Vertex Kidney Disease Data
The share move also came after Vertex Pharmaceuticals released data from its kidney disease programme.
Maze’s lead candidate, MZE829, is a dual-mechanism APOL1 inhibitor currently in Phase 2 development for APOL1-mediated kidney disease.
The Vertex results were viewed by some market participants as providing additional information on the potential of APOL1 inhibition as an approach to treating kidney disease. The data relate to Vertex’s programme and do not represent clinical results for MZE829.
Maze Shares Remain Below 52-Week High
Broader U.S. equity indices showed relatively limited movement at the time, with the S&P 500 broadly unchanged and the Dow Jones and Nasdaq trading slightly lower.
Maze shares traded as high as $29.40 during the session and were around $29.20 at the time referenced in the source.
The stock has traded between $21.95 and $53.65 over the past 52 weeks.
CIBC’s $50 price target represents the firm’s assessment of Maze’s prospective valuation and is not a forecast of the company’s future share price.
Maze Therapeutics stock price
