** 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;))