BofA lowered the firm’s price target on 4D Molecular (FDMT) to $46 from $79 and keeps a Buy rating on the shares. While still “bullish” on the company’s lead gene therapy, 4D-150, for ophthalmology indications, the firm is lowering its peak sales estimates to $1.7B from $3.7B as it awaits further clinical validation and looks for clarity on market dynamics, the analyst tells investors. The firm sees potential for other long-acting options to enter this market sooner than expected, but adds that gene therapy could still offer longer durability and calls the stock “highly oversold.”