Baird downgraded Reneo Pharmaceuticals to Neutral from Outperform with a price target of $3, down from $28. The failure of the pivotal STRIDE study of mavodelpar in primary mitochondrial myopathies, or PMM, “sinks our thesis on Reneo,” says the analyst, who notes that the firm’s revised target represents the firm’s estimate of the cash balance after restructuring charges.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on RPHM:
- Reneo Pharmaceuticals Announces Results from Pivotal STRIDE Study of Mavodelpar in Primary Mitochondrial Myopathies (PMM)
- Block upgraded, Bristol Myers downgraded: Wall Street’s top analyst calls
- Reneo Pharmaceuticals initiated with an Outperform at William Blair
- Reneo Pharmaceuticals files $300M mixed securities shelf
- Reneo Pharmaceuticals reports Q3 EPS (57c), consensus (57c)
Looking for a trading platform? Check out TipRanks' Best Online Brokers guide, and find the ideal broker for your trades.
Report an Issue