Leerink Partners Starts Maze Therapeutics (MAZE) at Outperform

Leerink Partners analyst Joseph Schwartz initiates coverage on Maze Therapeutics (NASDAQ: MAZE) with a Outperform rating and a price target of $28.00.

The analyst comments "We are initiating coverage of Maze Therapeutics (MAZE) with an Outperform rating and a 12-month PT of $28. Maze is a clinical-stage biotechnology company focused on leveraging human genetics to develop novel, small-molecule precision medicines across renal, cardiovascular, and related metabolic diseases. This is centered around the Compass platform, which allows Maze to identify and characterize genetic variants in diseases and then link those variants to the biological pathways that drive the disease. Lead asset MZE829 is an oral, small-molecule inhibitor of apolipoprotein L1, or APOL1, for APOL1 kidney disease (AKD). We believe MZE829 is differentiated from other APOL1 inhibitors, as Maze identified a protective variant of the APOL1 gene, which MZE829 has been designed to phenocopy, thus mimicking its protective characteristics. MZE829 has demonstrated best-in-class potential in preclinical and early clinical data. With >1M AKD patients in the US, we are positive about the opportunity and assume gross peak sales of ~$2.5B, risk-adjusted with a 50% probability of success (PoS). Maze's second program, MZE782, is an oral small molecule targeting the solute transporter, SLC6A19. MZE782 is primarily in development for chronic kidney disease (CKD), specifically in those who have an inadequate response to standard-of-care (SoC) therapy. CKD represents a significant market opportunity, especially considering the major drain on overall Medicare spending. We assume gross peak sales of ~$1.8B in CKD, risk-adjusted with a 25% PoS. Outside the two wholly owned candidates, Maze licensed MZE001, an oral small molecule that inhibits glycogen synthase (GYS1) for Pompe disease, to Shionogi (Not Rated). Overall, we view Maze as a high-quality story, with a validated drug discovery and development platform that has yielded three clinical-stage assets. Moreover, Maze is developing therapies in areas of significant unmet need and strategic interest, which we think should resonate favorably with investors. With several important milestones over the next year, including initial Ph.1 data with MZE782 (2H25), proof-ofconcept data with MZE829 (1Q26), and several updates from other sponsors in the space, we believe MAZE can move higher over the next 12 months."

For an analyst ratings summary and ratings history on Maze Therapeutics click here. For more ratings news on Maze Therapeutics click here.

Shares of Maze Therapeutics closed at $10.82 yesterday.

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