BMO Capital downgraded Q32 Bio (QTTB) to Market Perform from Outperform with a price target of $3, down from $22. The company announced an internal restructuring, discontinuing development of its main value driver, ADX-097, to focus on bempikibart development in patients with alopecia areata, the analyst tells investors in a research note. The firm says that while te decision seems to signal confidence in bempikibart, the drug’s early clinical profile is not compelling enough to merit meaningful value beyond what it already assumes. As such, it removed contributions from ADX-097 and downgraded the shares.
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Read More on QTTB:
- Q32 Bio downgraded to Neutral from Overweight at Piper Sandler
- Q32 Bio Restructures to Focus on Bempikibart Development
- Q32 Bio announces corporate restructuring to focus on bempikibart
- Q32 Bio Advances Clinical Trials for Growth Opportunities
- Q32 Bio price target lowered to $22 from $64 at BMO Capital
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