Piper Sandler downgraded Q32 Bio (QTTB) to Neutral from Overweight with a price target of $4, down from $20. The firm is surprised by the company’s decision to discontinue complement inhibitor ADX-097 before presenting data from the drug’s renal basket study. The best course of action is to move to Neutral on the name until a better picture of bempikibart’s efficacy profile in alopecia areata emerges, the analyst tells investors in a research note.
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