Goldman Sachs has initiated coverage of Hemab Therapeutics with a buy rating and a price target of $36, suggesting a 39% upside from its recent trading price.
The firm believes that Hemab's lead therapy, sutacimig, has the potential to dominate the market for Glanzmann's thrombasthenia and Factor VII deficiency, two rare inherited bleeding disorders for which there are currently no other treatments in development.
Hemab's stock, which debuted at $18 on May 4 and peaked at $36.61 on its first day, has since fluctuated between $23 and $29, recently rising to around $27.75. Goldman noted that while there are about 1,000 patients in the U.S. with these disorders, the Gulf Cooperation Council countries have significantly higher prevalence rates.
Additionally, Hemab is developing HMB-002 for Von Willebrand disease, which could further enhance its market position. The early trial results for sutacimig show promising reductions in bleeding rates, reinforcing the company's potential in the biotech sector