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.
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Read More on QTTB:
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