Q32 Bio price target lowered to $20 from $80 at Oppenheimer

Oppenheimer lowered the firm’s price target on Q32 Bio (QTTB) to $20 from $80 and keeps an Outperform rating on the shares. The firm notes Q32 Bio reported negative AD but positive AA results along with an update on clinical development plans for bempikibart. While Oppenheimer is clearly disappointed by bempi’s failure to advance in AD, it also thinks the AA opportunity remains underappreciated, with a potentially differentiated MoA in a highly underserved disease dominated by JAK inhibitors.