VYNE Therapeutics downgraded at H.C. Wainwright after vitiligo trial miss

H.C. Wainwright downgraded VYNE Therapeutics (VYNE) to Neutral from Buy and removed the firm’s prior $4.50 price target after the company’s Phase 2b trial assessing repibresib in nonsegmental vitiligo did not achieve its primary endpoint and also missed the secondary endpoint. The Phase 2b result is “a surprise to us” that “puts the company in a precarious position,” the analyst tells investors. While stating that the company ends this trial in “a relatively stable financial position,” the firm says the current risk profile “pushes us to the sidelines,” pending visibility on the path forward for repibresib, additional VYN202 data and/or the acquisition of new assets to pursue.