AN2 Therapeutics downgraded to Underperform from In Line at Evercore ISI

Evercore ISI downgraded AN2 Therapeutics to Underperform from In Line with a $2 price target. AN2 is discontinuing the epetraborole Phase 2/3 program in NTM after seeing lack of efficacy on culture conversion and while disappointing, this is “not surprising news” after its voluntary pause of the Phase 3 back in February based on lower-than-expected efficacy, the analyst tells investors. At this point, the firm doesn’t see much revenue potential from the other indications, the analyst added.