BioAge Labs Gains Wall Street Interest

Investing.com — BioAge Labs, a clinical-stage biotech company focused on therapies for metabolic diseases, has attracted attention from Wall Street investment banks, with three analysts initiating coverage of the stock on Monday.

The analysts are particularly focused on BioAge's lead asset, azelaprag, which has shown promise as an adjunct therapy to GLP-1-based weight loss treatments.

Jefferies

Jefferies initiated coverage with a Buy rating and a price target of $42 a share, highlighting azelaprag's "differentiated MOA" as an exercise mimetic for obesity. Jefferies sees the potential for "better quality weight loss" when used in combination with incretin therapies like tirzepatide and semaglutide. They also modeled peak adjusted revenues of approximately $1.8 billion, supported by upcoming Phase 2 data expected in 3Q25 and 2H26.

Morgan Stanley

Morgan Stanley launched coverage with an Overweight rating and a $40 price target, emphasizing BioAge's collaboration with Eli Lilly (NYSE: LLY) as a strong endorsement of the company's approach. According to Morgan Stanley, this partnership validates BioAge's efforts and provides potential optionality, as Lilly holds exclusive rights for negotiation based on the Phase 2 results. The bank also praised azelaprag's ability to double the weight loss effect of GLP-1 therapies while improving muscle function based on preclinical studies.

Goldman Sachs

Goldman Sachs took a more cautious approach by initiating coverage without rating but remaining optimistic about BioAge's potential. They noted that azelaprag could provide a "significant dose-dependent benefit" in weight loss, with preclinical data suggesting it delivers 2.5 times more weight loss when added to GLP-1 monotherapies. They are also monitoring potential partnerships to develop oral incretin combinations, seeing this as a major growth opportunity.

All three firms noted that Phase 2 data in combination with GLP-1 therapies will be key milestones. Results from the STRIDES study with tirzepatide are expected in 3Q25, with further data from a semaglutide combination anticipated in 2H26.