Morgan Stanley downgraded Third Harmonic Bio (THRD) to Equal Weight from Overweight with a price target of $5, down from $20, after the company announced that it plans to evaluate strategic alternatives and pursue partnership opportunities for THB335 following its Phase 1 trial, where safety concerns emerged at higher doses. While management. believes there’s a potential path forward for THB335, the plan to explore strategic alternatives and restructure the company with a 50% work force reduction creates “near-term uncertainty,” the analyst tells investors.
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