BioAge Therapeutics: Buy Rating Maintained Despite Cut in Price Target to $21 on Refined ASCVD and Ocular Program Assumptions

Roger Song, an analyst from Jefferies, maintained the Buy rating on BioAge Labs, Inc.. The associated price target was lowered to $21.00.

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Roger Song has given his Buy rating due to a combination of factors tied to BioAge’s differentiated NLRP3 approach and evolving strategic focus. While the ZEUS trial undermined confidence in hsCRP as a cardiovascular biomarker and highlighted safety concerns with IL-6 inhibition, he views BGE-102’s upstream NLRP3 mechanism as still compelling, given its ability to modulate multiple inflammatory pathways (including IL-1, IL-6, and IL-18) with a clean early safety profile.

At the same time, BioAge’s pivot toward ocular indications, such as DME and a potential expansion into GA, offers clearer biology, validated IL-6 involvement, and nearer-term proof-of-concept milestones that are less exposed to the cardiovascular debate. Although the price target has been reduced to $21 to reflect lower probabilities of success in ASCVD and ocular programs, Song believes the risk-reward remains attractive at current levels, supported by upcoming Phase 2 readouts and the possibility of future partnerships once more CV and IL-6 data mature.

In another report released today, Citi also maintained a Buy rating on the stock with a $52.00 price target.