Citigroup says shares of this obesity drug biotech could nearly double

BioAge Labs shares have ample room to run as the biotechnology firm's obesity treatment is poised to gain traction in the booming weight management solutions market, according to Citigroup. The bank upgraded BioAge to buy from neutral on Wednesday, doubling its 12-month price target on the stock to $10 from $5, implying 89% upside from Tuesday's close. "Given guidance for multiple [obesity product] and third-party data readouts over the next ~12-15 months, we believe it's appropriate to upgrade BIOA," Citi analyst Samantha Semenkow said in a note to clients. "We see the upcoming clinical data from both BioAge and competitors as potential stock moving catalysts." BioAge is likely to see upside from its novel obesity treatment, BGE-102, a highly potent small-molecule NLRP3 inhibitor, accordi