ProQR Therapeutics: Buy For Axiomer RNA Tech Validation And Other Catalysts

I initiate ProQR Therapeutics N.V. with a Buy rating, driven by strong initial human proof-of-concept for its Axiomer RNA editing platform. The company's AX-0810 achieved 8-fold serum bile acid increases in phase 1, surpassing the 2-fold target and supporting its disease-modifying potential in biliary atresia [BA]. Upcoming catalysts include full phase 1 data for AX-0810 by end-2026, pediatric BA data from China in H1 2027, and phase 1 data for next-gen AX-0811 by end-2026. With $136.8M cash, a $3.9B Eli Lilly partnership, and no approved BA/PSC therapies, PRQR is well positioned for multiple value-creating milestones through mid-2028. I want to initiate coverage of ProQR Therapeutics N.V. (PRQR) with a Buy rating. The reason why is because the company has been able to take what it observed in preclinical testing with its Axiomer RNA editing platform and translate it into human proof-of-concept.