Outlook Therapeutics price target lowered to $1 from $3 at Chardan

Chardan analyst Daniil Gataulin lowered the firm’s price target on Outlook Therapeutics (OTLK) to $1 from $3 and keeps a Neutral rating on the shares. The company received a complete response letter from the FDA for Lytenava, Outlook’s ophthalmic formulation of bevacizumab, in wet age-related macular degeneration, the analyst tells investors in a research note. The firm said this is yet another setback for the company following a CRL for Lytenava on August 28 and BLA resubmission shortly thereafter. While the news is disappointing, the firm said it is not surprised by the decision, as it believed the approval would be unlikely in the absence of additional studies.