BMO says Peter Marks resignation ‘significant negative’ for biotech

BMO Capital analysts view the departure of Dr. Peter Marks from the FDA as a “significant negative” for the biopharma and biotech sectors. The FDA’s independence is “rooted in sound scientific rigor is critical for their efficient functioning,” the analysts tell investors in a research note. BMO says that while it is positive on the confirmation of Dr. Marty Makary as FDA commissioner, “anti-science, politicization of FDA runs counter to the agency’s mission.” The firm believes Marks resignation “does nothing to reassure investors or provide relief.” BMO anticipates the following gene editing and therapy tickers to be under pressure following Marks’ resignation: Beam Therapeutics (BEAM), Crispr Therapeutics (CRSP), Precision BioSciences (DTIL), 4D Molecular (FDMT), Metagenomi (MGX), Neurogene (NGNE), Intellia Therapeutics (NTLA), Prime Medicine (PRME), Rocket Pharmaceuticals (RCKT), Taysha Gene Therapies (TSHA), and Verve Therapeutics (VERV).