4D Molecular initiated with an Underweight at Morgan Stanley

Morgan Stanley initiated coverage of 4D Molecular (FDMT) with an Underweight rating and $8 price target While the Phase 2 data for 4D-150 points toward a competitive therapeutic profile in wet age-related macular degeneration among gene therapies, an increasingly competitive treatment and development landscape across alternate modalities “yields a high bar for the class,” the analyst tells investors in a research note. The firm says that despite unmet need with current therapies, it projects below-consensus sales in wet AMD for 4D Molecular.