JonesResearch keeps a Buy rating on Capricor Therapeutics (CAPR) with a $29 price target after the FDA issued a complete response letter for deramiocel in Duchenne muscular dystrophy. The firm says Deramiocel is a cell therapy and with 700 infusions, there have been no major safety events other than hypersensitivity in early stages. It believes Capricor’s ongoing Phase 3 study, with data expected in Q3, should support resubmission to the FDA this year. Jones previously said that approval in August was unlikely. Capricor in morning trading is down 27% to $8.30.
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