Jefferies elevated its recommendation on BioAge Labs Inc to Buy from Hold and increased the firm's price target to $62 from $9, citing the therapeutic potential of the company’s BGE-102 program. The upgrade accompanies optimistic interpretation of early clinical signals and the company’s financing moves as it prepares to advance development in 2026.
At present, the stock is trading at $19.63 and has produced a 348% return over the past year. Jefferies focused its upgrade on BGE-102, an oral NLRP3 inhibitor that the firm believes could address unmet needs in cardiovascular disease and ophthalmology.
Clinical data and development timeline
Jefferies referenced Phase 1 findings indicating an approximately 86% reduction in high-sensitivity C-reactive protein, a marker relevant to inflammation. The firm noted that a Phase 2a trial in obese patients with cardiovascular conditions is expected to begin in the first half of 2026, with topline data anticipated in the second half of 2026. Separately, BioAge plans to initiate a proof-of-concept study in diabetic macular edema, an ophthalmology indication, around mid-2026.
Based on pharmacokinetic, pharmacodynamic and safety data, Jefferies suggested BGE-102 could ultimately be best-in-class among NLRP3-targeting therapies. The analyst also observed that cardiovascular outcomes trial results from competing programs expected in 2026 could influence BioAge’s valuation, and that positive Phase 2a results could catalyze business development activity.
Balance sheet and financing actions
BioAge reported having more cash than debt on its balance sheet, a point Jefferies cited when assessing the company’s runway and development risk. The company has moved to raise capital through public offerings. One upsized offering was priced at 5,897,435 shares of common stock at $19.50 per share and is expected to generate approximately $115 million in gross proceeds, with the offering scheduled to close around January 23, 2026, subject to customary closing conditions.
In addition, the company proposed a $75 million public stock offering designed to support its drug development efforts, including an option for underwriters to purchase an additional $11.25 million in shares. Management has framed these financings as measures to support the advancing BGE-102 program.
Market and analyst context
Alongside Jefferies’ move, Piper Sandler initiated coverage of BioAge with an Overweight rating, pointing to encouraging Phase 1 data observed in both healthy volunteers and obese patients. Together, these analyst actions and the company’s financing steps reflect a coordinated effort to advance the therapeutic program while securing capital for upcoming clinical milestones.
Conclusion
Jefferies’ upgrade and higher price target underscore the investment community’s focus on BGE-102 as BioAge’s principal near-term value driver. The company’s planned Phase 2a cardiovascular study and the ophthalmology proof-of-concept trial in 2026, combined with recent and proposed equity offerings, will shape the company’s development runway and market perception in the months ahead.