LifeSci Capital downgraded Kala Pharmaceuticals (KALA) to Market Perform from Outperform and removed the firm’s price target after the company announced that its CHASE Phase 2b clinical trial of KPI-012 for the treatment of persistent corneal epithelial defect did not meet its primary endpoint and that the company plans to cease development of KPI-012 and its mesenchymal stem cell secretome platform based on the CHASE trial results.
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