AN2 Therapeutics downgraded to Market Perform from Outperform at Leerink

Leerink downgraded AN2 Therapeutics to Market Perform from Outperform with a price target of $1, down from $5, following the “disappointing news” that the company will be discontinuing EBO-301 due to negative Phase 2 results. With the discontinuation of EBO-301, AN2 will turn their focus to their boron chemistry platform and pipeline programs in Chagas disease, melioidosis, or other early-stage pipeline, notes the firm, which is adding “placeholder values” for the development of their program in Chagas disease, assuming gross peak sales of $400M and ascribing 10% odds of success to arrive at its price target.