Outlook Therapeutics downgraded to Neutral from Buy at Chardan

Chardan analyst Daniil Gataulin downgraded Outlook Therapeutics (OTLK) to Neutral from Buy without a price target after the company reported preliminary topline efficacy and safety data from the Phase 3 NORSE 8 study of Lytenava in patients with wet age-related macular degeneration. The study did not meet the primary endpoint of non-inferiority compared to ranibizumab, the analyst tells investors in a research note. The firm cites the uncertainty in Lytenava’s regulatory path forward in the U.S. for the downgrade.