Douglas Tsao, an analyst from H.C. Wainwright, reiterated the Buy rating on Rezolute (RZLT – Research Report). The associated price target remains the same with $14.00.
Douglas Tsao has given his Buy rating due to a combination of factors surrounding Rezolute’s clinical advancements and potential market opportunities. Tsao is optimistic about Rezolute’s RZ358, noting significant progress in the pivotal Phase 3 study for treating congenital hyperinsulinism (cHI). The completion of patient enrollment is anticipated by the end of 2024, keeping the company on track for topline data by mid-2025. Tsao’s confidence is bolstered by recent in vivo study results that suggest the liver toxicity observed in previous studies is strain-specific to a particular breed of rats, which supports the possibility of lifting the FDA’s partial clinical hold on the study.
Furthermore, the report indicates that there were no safety concerns in prior human studies, and the company is preparing to submit a complete response to the FDA in hopes of removing enrollment restrictions. In addition to the progress with RZ358, Tsao sees potential in Rezolute’s RZ402 for treating diabetic macular edema (DME), with topline Phase 2 study results expected soon. This combination of advancing clinical studies and the anticipation of regulatory milestones positions Rezolute favorably in the market, contributing to the Buy rating.
In another report released today, JMP Securities also reiterated a Buy rating on the stock with a $7.00 price target.
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Rezolute (RZLT) Company Description:
Rezolute, Inc. is biopharmaceutical company, which engages in the development of drug therapies for patients with metabolic and orphan diseases. Its products portfolio include RZ358-Phase 2, an antibody for the ultra-orphan indication of congenital hyperInsulinism; AB101-Phase 1, a once-weekly injectable basal insulin; and RZ402 which targets diabetic macular edema. The company was founded by Nevan Charles Elam, Ho Young Huh, and Sankaram Mantripragada on July 26, 2010 and is headquartered in Redwood City, CA.
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