Q32 Bio downgraded to Neutral at Guggenheim after failure in atopic dermatitis

As previously reported, Guggenheim downgraded Q32 Bio (QTTB) to Neutral from Buy and removed the firm’s prior price target following the announcement of “disappointing” topline results from bempikibart’s Phase 2 studies in atopic dermatitis and alopecia areata. Though Q32 plans to move forward in AA by enrolling 20 additional patients with a loading dose regimen in the Part B expansion, based on the totality of data, the firm says it has “limited hope” for the applicability of this mechanism of action in AA.