As previously reported, Guggenheim downgraded Q32 Bio (QTTB) to Neutral from Buy and removed the firm’s prior price target following the announcement of “disappointing” topline results from bempikibart’s Phase 2 studies in atopic dermatitis and alopecia areata. Though Q32 plans to move forward in AA by enrolling 20 additional patients with a loading dose regimen in the Part B expansion, based on the totality of data, the firm says it has “limited hope” for the applicability of this mechanism of action in AA.
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