CalciMedica price target lowered to $15 from $22 at JonesResearch

JonesResearch analyst Catherine Novack lowered the firm’s price target on CalciMedica to $15 from $22 and keeps a Buy rating on the shares after the company announced Phase 2b CARPO data for Auxora in acute pancreatitis. The primary endpoint was met in patients with elevated hematocrit but the results were complicated by a large percent of patients whose disease resolved quickly with standard of care, the analyst tells investors in a research note. The firm believes the negative stock reaction is in response to the subgroup analysis. “In today’s biotech market, a mixed readout is often treated as the worst-case scenario,” Jones says. The firm is now limiting the expected market for Auxora to patients with both systemic inflammatory response syndrome and elevated hematocrit, which reduces its price target.