TD Cowen downgraded Evelo Biosciences to Market Perform from Outperform. The firm is citing the company’s announcement earlier today that it will explore strategic alternatives and partnering opportunities for EDP1815 and its SINTAX platform following results from the Phase II study of EDP2939 in moderate psoriasis, which missed the PASI-50 primary endpoint. Given Evelo’s “limited resources and no candidates currently progressing in the clinic”, TD Cowen adds it is “hopeful” for a strategic deal but moves to the sidelines while any potential next steps are clarified.
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