Vistagen downgraded to Neutral from Buy at Lucid Capital

Lucid Capital downgraded Vistagen (VTGN) to Neutral from Buy with a price target of $1, down from $19. The company announced that its Phase 3 PALISADE-3 trial evaluating intranasal fasedienol for the acute treatment of social anxiety disorder failed to meet its primary endpoint, the analyst tells investors in a research note. The firm says that given the failure of the PALISADE-3 trial, there is “significant uncertainty” surrounding the likelihood of success for the ongoing PALISADE-4 study, which employs an identical design.