BofA analyst Jason Gerberry double downgraded Applied Molecular Transport to Underperform from Buy with a price target of 50c, down from $5. The Phase 2 miss in ulcerative colitis has removed meaningful upside potential from Applied Molecular’s catalyst path, Gerberry tells investors in a research note. The analyst is now more cautious on stock’s risk/reward as the company reprioritizes its pipeline portfolio. While any potential AMT-101 deal could lead to a near-term cash infusion, ultimate program upside is limited by the risk profile of the asset, given pouchitis is a challenging indication, contends Gerberry.
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Published first on TheFly
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