Shares of clinical-stage biopharmaceutical company CinCor Pharma (NASDAQ:CINC) are tanking today after topline results from a Phase 2 study of baxdrostat for the treatment of uncontrolled hypertension (in patients taking up to two medications) indicated the drug failed to meet its primary endpoint.
The safety and tolerability profile of the drug though came in consistent with the previous Phase 2 data in resistant hypertension.
The company now plans to meet with the U.S. FDA in January 2023 to discuss its Phase 3 plans. Further, it anticipates starting a Phase 3 trial of the drug in H1 2023.
SunCor shares have now lost about half of their value today already while analysts continue to have a Strong Buy consensus rating for the stock alongside an average price target of $62.67.
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