Jefferies lowered the firm’s price target on ProKidney to $6 from $15 and keeps a Buy rating on the shares after an interim analysis of Phase 2 REGEN-007, which adopted the same dosing approach as the pivotal Phase 3, showed kidney function preservation in 13 patients over 18 months. The firm thinks the data look “encouraging,” but adds that the patient total is “still too small to draw a conclusion” given baseline eGFR variability and it has adjusted its model against the backdrop of emerging data from GLP-1 and the pivotal study delay.
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