BMO Capital analyst Keith Tapper lowered the firm’s price target on Neurogene (NGNE) to $16 from $45 and keeps an Outperform rating on the shares. The firm is adjusting its model after the previous death of a patient on high-dose NGN-401 and the recent resignation of Peter Marks from the FDA. BMO remains positive on the stock and believes NGN-401’s low-dose profile is very competitive, but is also reducing its expectation for the drug’s ultimate penetration in the Rett market, adding that the upcoming Phase 1/2 REVEAL data for TSHA-102 could show improvement over early low-dose data, making the difference between Taysha (TSHA) and Neurogene less substantial.
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