Citi analyst Yigal Nochomovitz downgraded Arcturus Therapeutics (ARCT) to Neutral from Buy with a price target of $12, down from $49. The ARCT-032 Phase 2 trail did not show a meaningful improvement for cystic fibrosis patients despite high expectations, the analyst tells investors in a research note. Citi now sees challenged prospects for the drug’s late-stage development.
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