Quince Therapeutics downgraded to Sell from Buy at Lucid Capital (earlier)

Lucid Capital earlier today double downgraded Quince Therapeutics (QNCX) to Sell from Buy with a price target of 0c, down from $8. The company’s Phase 3 trial evaluating dexamethasone sodium phosphate encapsulated in autologous erythrocytes in patients with Ataxia-Telangiectasia did not achieve statistical significance, the analyst tells investors in a research note. The program, which is the Quince’s asset, will be discontinued, Lucid points out. Considering that the company’s current estimated cash and long-term debt are approximately equal, the firm sees zero value for the shares.