Morgan Stanley downgraded Third Harmonic Bio (THRD) to Equal Weight from Overweight with a price target of $5, down from $20, after the company announced that it plans to evaluate strategic alternatives and pursue partnership opportunities for THB335 following its Phase 1 trial, where safety concerns emerged at higher doses. While management. believes there’s a potential path forward for THB335, the plan to explore strategic alternatives and restructure the company with a 50% work force reduction creates “near-term uncertainty,” the analyst tells investors.
Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on THRD:
- Optimistic Buy Rating for Third Harmonic Bio Amid Promising Trial Results and Safety Concerns
- Raymond James downgrades Third Harmonic Bio on uncertainty for only asset
- Third Harmonic Bio downgraded to Market Perform from Outperform at Raymond James
- Morning Movers: Lattice Semiconductor, SelectQuote jump after earnings reports
- Third Harmonic Bio, Inc. Announces Restructuring Plan