Vistagen downgraded to Hold at Jefferies after social anxiety study miss

Jefferies downgraded Vistagen (VTGN) to Hold from Buy with a price target of 90c, down from $15 after fasedienol failed to meet the primary endpoint in Phase 3 PALISADE-3 study for social anxiety disorder. Though the next Phase 3 readout of the PALISADE-4 study remains on track, the firm’s confidence decreases “significantly” and it says Vistagen has become “a show-me story.”