Q32 Bio (QTTB) shares fell past 71% in recent trading Wednesday after multiple downgrades and price target cuts following results from the company's mid-stage clinical trial of atopic dermatitis treatment.
The company earlier said its SIGNAL-AD clinical trial in atopic dermatitis failed to meet the primary endpoint in Part B after demonstrating promising findings in Part A. At week 14, data from Part B showed patients treated with bempikibart showed a 74% improvement in the average Eczema Area and Severity Index from baseline, compared with 76% for the placebo group.
Guggenheim downgraded the stock to neutral from buy, and Leerink Partners downgraded it to market perform from outperform, while also cutting its price target to $9 from $68. Wells Fargo downgraded the company to equal weight from overweight and adjusted its price target to $16 from $95, while Raymond James downgraded it to outperform from strong buy and slashed its price target to $22 from $90. Oppenheimer maintained its outperform rating on Q32 Bio, but lowered its price target to $20 from $80.
Price: 7.00, Change: -17.41, Percent Change: -71.32
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