AN2 Therapeutics price target lowered to $3 from $6 at JMP Securities

JMP Securities lowered the firm’s price target on AN2 Therapeutics to $3 from $6 and keeps an Outperform rating on the shares. AN2 announced that the unblinded analysis of the Phase 2 trial of oral epetraborole in refractory MAC NTM indicated low efficacy, and the company will halt the Phase 2/3 trial, the analyst tells investors in a research note. The company also announced a planned 50% reduction in workforce to be complete by year-end, resulting in a cash runway through 2027, beyond multiple catalysts expected from the pipeline, the firm says.