Wells Fargo notes that Disc Medicine (IRON) shares were trading down about 25% on Friday after the FDA issued a complete response letter for bitopertin as a treatment for patients with erythropoietic protoporphyria, which the firm believes to be a “fair” move based on its estimates and forecasts assuming about a 1.5 year delay and 65% odds of success. While the path forward here seemingly is described in the CRL, the firm looks to get a better understanding from management once they have discussed with the agency, added the analyst, who has Overweight rating and $109 price target on Disc Medicine shares.
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