BTIG analyst Julian Harrison downgraded Aerovate Therapeutics to Neutral from Buy after AV-101 did not separate from placebo on its primary endpoint in the Phase 2b portion of the IMPAHCT trial and all doses of AV-101 failed to meet statistical significance on PVR at 24 weeks. While waiting for additional clarity from management on next steps the firm is lowering its view of the probability of success for AV-101 from 65% to 0% in the wake of this update.
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