William Blair analyst Matthew Phipps downgraded Kezar Life Sciences (KZR) to Market Perform from Outperform without a price target The company announced it has been unable to align with the FDA on a registrational trial for zetomipzomib in autoimmune hepatitis and is initiating a process to explore strategic alternatives, the analyst tells investors in a research note. The firm is surprised to see the FDA refusing to host a Type C meeting. Considering Kezar’s current cash balance and liabilities, Blair believes a potential acquisition in the $6 to $7 per share range could be feasible.
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