Q32 Bio price target lowered to $22 from $64 at BMO Capital

BMO Capital lowered the firm’s price target on Q32 Bio (QTTB) to $22 from $64 but keeps an Outperform rating on the shares. The company reported results from its Phase 2 studies evaluating bempikibart in alopecia areata and atopic dermatitis, and while the results were disappointing, BMO is “not overly surprised” as it leaned cautious on the outcome given the mixed clinical history of bempikibart, the analyst tells investors in a research note. Q32 management still remains positive on the potential for bempikibart, but the firm views the company’s ADX-097’s potential in complement-driven disease as the “more compelling part of the story”, BMO added.