Piper Sandler analyst Yasmeen Rahimi downgraded Tvardi Therapeutics (TVRD) to Neutral from Overweight with a price target of $4, down from $78. The firm, which had expectations for clean safety and tolerability and some separation in FVC based on the previously “encouraging” blinded preliminary data is “disappointed” to see TVRD report TTI-101 showed no benefit in preliminary data from the 12-week Phase 2 REVERT-IPF study. Given TTI-101’s Phase 2 REVERT-IPF failure, the firm removed this asset from its model and notes that its revised price target is based on Tvardi’s $4 in cash per share.
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