Maze Therapeutics' (MAZE) development strategy using genetic validation is seen as promising in terms of its target identification strategy and application to the nephrology and metabolic disease segments, Wedbush Securities said in a note Tuesday.

The firm said the Maze Compass platform using genetic variant analysis to name and validate potential targets is "impressive."

Wedbush added that competitor data is a source of external validation, which creates a degree of derisking related to the company's lead assets of MZE829 in APOL1 kidney disease and MZE728 in phenylketonuria.

"Combining multiple near-term catalysts with cash runway into [H2 of 2027], and we see favorable risk/reward for MAZE shares as the stock trades near a [roughly $500 million] valuation," the firm said.

Wedbush initiated coverage on the company with an outperform rating and $17 price target.

Shares of Maze Therapeutics were 5% in recent trading.

Price: 12.73, Change: +0.61, Percent Change: +5.03