Clinical RiskAnalyst heavily risk adjusts Phase 3 success due to the absence of a sham and a small representative patient population in previous studies.
Market ConcernsAnalyst maintains an Underperform rating and $1 price objective due to concerns around trial risk and a potentially niche end-market.
Valuation ConcernsReiterate Neutral rating on PROK shares based on valuation and potential of rilparencel balanced with the need for more de-risking on biology and clinical aspects.