Baird downgraded Neurogene (NGNE) to Neutral from Outperform with a price target of $24, down from $38. The shares has moved far higher over the last month as the market has gotten more comfortable that a single-arm registrational trial may be acceptable by the FDA for approval, the analyst tells investors in a research note. However, with the new leaders at FDA, Baird believes the bar for approval is being raised. As such, it continues to see “significant regulatory uncertainty” for NGN-401.
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