Disc Medicine price target lowered to $50 from $80 at BMO Capital

BMO Capital lowered the firm’s price target on Disc Medicine to $50 from $80 and keeps an Outperform rating on the shares. The AURORA Phase 2 study of bitopertin in patients with erythropoietic protoporphyria has created increased uncertainty as to the true effect that Bitopertin has on light tolerance relative to placebo, the analyst tells investors in a research note. BMO notes that while it still believes that Bitopertin is significantly modifying Erythropoietic protoporphyria, or EPP, disease by reducing protoporphyrin IX, it is less clear how significant these reductions are in improving light tolerance, even if patients are seeing fewer overall phototoxic events.