Stifel downgraded Third Harmonic Bio (THRD) to Hold from Buy with a price target of $5, down from $23, following the company’s decision to undergo a strategic review following Phase 1 data from THB335 that had “some key safety questions at the high end of the dose range.” Stifel also noted that, concurrent with the review, the company was discontinuing all non-THB335 R&D and cutting its workforce by 50%.
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