Baird analyst Jack Allen lowered the firm’s price target on Frequency Therapeutics to $4 from $10 and keeps an Outperform rating on the shares. The analyst noted Frequency announced the Study 208 of FX-322 failed to demonstrate a benefit. While this news is clearly disappointing and has significantly weighed on the stock, with shares trading well below cash, we do see room for a gradual rebound as management pivots focus to the MS program and takes steps to extend the runway moving forward.
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Read More on FREQ:
- Cowen downgrades Frequency to Market Perform as FX-322 study misses endpoint
- Frequency Therapeutics downgraded to Market Perform from Outperform at Cowen
- Frequency’s failure highlights Decibel’s differentiation, says H.C. Wainwright
- Frequency Therapeutics Craters into Penny Stock Territory
- Frequency Therapeutics reports CEO David Lucchino is on temporary medical leave
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