Barclays downgraded Tvardi Therapeutics (TVRD) to Equal Weight from Overweight with a price target of $5, down from $61, following the company’s “surprisingly negative” preliminary data from the Phase 2 REVERT trial of TTI-101 in patients with idiopathic pulmonary fibrosis. TTI-101 did not show forced vital capacity improvement from baseline compared to placebo and showed significantly higher discontinuation rates relative to placebo, notes the firm, which has removed contributions from IPF in its model.
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