JMP Securities analyst Jason Butler downgraded Applied Molecular Transport to Market Perform from Outperform. On Thursday, AMT announced that the Phase 2 LOMBARD trial of lead candidate AMT-101 in monotherapy for treating ulcerative colitis, did not meet the primary endpoint, with similar rates of clinical remission reported for the drug and placebo arms. Butler has removed AMT-101 from the firm’s valuation and view the stock as fairly valued, telling investors in a research note that its discount to cash is consistent with the peer group as a substantial number of companies continue to trade below cash based on pipeline uncertainties.
Published first on TheFly
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