Leerink downgraded Q32 Bio (QTTB) to Market Perform from Outperform with a price target of $9, down from $68, following disappointing results for lead asset bempikibart from the Phase 2a SIGNAL-AD and SIGNAL-AA studies. The firm has removed value for atopic dermatitis from its model and adjusted its probability of success and market penetration assumptions for alopecia areata. The firm is moving to the sidelines, pending further analyses, signal refinement, and greater clarity on the path forward for bempi in AA and/or emergence of ADX-097 in renal indications.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on QTTB:
- Q32 Bio downgraded to Outperform from Strong Buy at Raymond James
- Q32 Bio downgraded to Equal Weight from Overweight at Wells Fargo
- Q32 Bio reports results from SIGNAL-AA Phase 2a clinical trial
- Q32 Bio initiated with an Outperform at BMO Capital
- Q32 Bio Advances Clinical Trials Amidst Financial Challenges
Questions or Comments about the article? Write to editor@tipranks.com