Morgan Stanley lowered the firm’s price target on Regenxbio (RGNX) to $18 from $25 and keeps an Overweight rating on the shares after the FDA has issued a Complete Response Letter relating to RGX-121’s BLA in MPS II due to a lack of substantial evidence of effectiveness. The firm, which updated its model to reflect the CRL for RGX-121 and the uncertainty around the potential path forward, tells investors that “the most tangible financial impact” stems from the loss of proceeds from the sale of a potential Priority Review Voucher.
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