BUZZ-Guggenheim downgrades Q32 Bio to 'neutral' as dermatitis drug fails in part of study
** Guggenheim downgrades drug developer Q32 Bio to "neutral" from "buy"
** Brokerage removes PT; previous PT was $100
** Co's experimental drug, bempikibart, failed to meet main goal in part of mid-stage trial studying it in patients with atopic dermatitis
** Co announced trial results after market close on Tuesday, sending shares down ~75% on Wednesday
** Shares down ~25% at record low of $4.45 on Thursday
** QTTB plans to move forward with bempikibart for patients with alopecia areata $(AA)$, an autoimmune disease that causes hair loss in patches
** Co says bempikibart showed improvement in patients with AA in separate trial
** Brokerage says while signal in AA is encouraging, the trial "barely worked" and overall data is significantly below expectations
** Sees limited hope for applicability of the study for AA based on totality of data
** Four of seven brokerages rate stock "buy" or higher, three "hold"; their median PT is $20
** Including session's moves, stock down 59% YTD
(Reporting by Neil J Kanatt in Bengaluru)
((Neil.JKanatt@thomsonreuters.com;))
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