HC Wainwright Is Bullish On DICE Therapeutics - Read Why

• H.C. Wainwright analyst Emily Bodnar initiated coverage on DICE Therapeutics Inc (NASDAQ: DICE) with a Buy rating and a price target of $40 (150% upside).

• The analyst believes there is a high unmet need in the oral space for psoriasis, given that approved therapies such as Amgen Inc's (NASDAQ: AMGN) Otezla only have PASI-75 rates of ~30%. Biologics have PASI-75 rates of up to 90%, but Otezla sales are over $2 billion annually despite this factor.

• DICE's lead product, DC-806 is currently in a Phase 1 study (healthy volunteers and psoriasis patients) with full data expected in 3Q22 (H.C. Wainwright estimates mid/late August).

• If efficacy and safety data are positive, it will validate the company's DELSCAPE technology platform, and DICE would be the furthest along in developing an oral IL-17 inhibitor.

• In preclinical models, DC-806 could match the level of IL-17 inhibition and the anti-inflammatory effect of Cosentyx (anti-IL-17 antibody), giving added confidence that DC-806 could have higher efficacy rates than some approved biologics.

• However, as an oral treatment, lower efficacy than anti-IL-17 antibodies would still be sufficient, H.C. Wainwright writes.

• Price Action: DICE shares are down 0.44% at $16.01 during the market session on the last check Monday.

Latest Ratings for DICE

Date	Firm	Action	From	To
Oct 2021	B of A Securities	Initiates Coverage On		Buy

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