Stoke Therapeutics a buy at Canaccord on platform for genetic diseases

• Canaccord Genuity has initiated Stoke Therapeutics (NASDAQ:STOK) with a buy rating citing the company's TANGO platform that can "upregulate protein expression and treat the underlying causes of several severe genetic diseases."
• The firm has a $24 price target (~196% upside based on Tuesday's close).
• Shares are up 4% in Wednesday morning trading.
• Analyst Sumant Kulkarni noted that the TANGO (Targeted Augmentation of Nuclear Gene Output) platform can generate candidates that are potentially first-in-class and disease-modifying.
• Stoke's (STOK) only clinical asset is STK-001 in phase 1/2 for Dravet syndrome. Data is expected mid year.
• "With a pivotal program that could start in 2024, we believe STK-001, if developed successfully, could 1) help validate the potential of the differentiated TANGO platform and 2) have a clear place in the treatment for Dravet syndrome, where unmet need is high," Kulkarni wrote.
• He added he believes the stock is currently significantly undervalued.

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