Morgan Stanley analyst Judah Frommer lowered the firm’s price target on 4D Molecular (FDMT) to $6 from $8 and keeps an Underweight rating on the shares after the company announced a pipeline reprioritization and initial clinical data for 4D-150 in diabetic macular edema. The company will move forward in developing 4D-150 and 4D-710 while terminating or reducing capital allocation to its remaining programs, the analyst tells investors in a research note. The firm says this makes sense, as it allows 4D Molecular to focus on the programs with the strongest clinical proof of concept and/or larger commercial opportunities.
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