As previously reported, Raymond James downgraded Third Harmonic Bio (THRD) to Market Perform from Outperform and removed the firm’s prior $18 price target on the shares after the company announced that Phase 1 healthy volunteer data for THB335 supports advancement to Phase 2, but does not support a best in class profile due to toxicity. The firm is downgrading shares based on the uncertain path forward for THB335, which it notes is the only asset in Third Harmonic’s pipeline.
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