4D Molecular price target lowered to $63 from $70 at BMO Capital

BMO Capital analyst Kostas Biliouris lowered the firm’s price target on 4D Molecular to $63 from $70 but keeps an Outperform rating on the shares after the company’s update on regulatory interactions and development for 4D-710. The approval will still require a successful Phase 3 randomized trial, suggesting that the FDA isn’t convinced about 4D-710 clinical/FEV1 effect, the analyst tells investors in a research note. The strong protein expression levels are encouraging, but the uncertainty around the rtanslatability of protein expression to clinical/FEV1 effect and the durability of potential effect should remain a lingering overhang until the Phase 3 readout, the firm added.