4D Molecular price target raised to $82 from $33 at BofA

BofA raised the firm’s price target on 4D Molecular to $82 from $33 and keeps a Buy rating on the shares after the company reported positive phase 2 data from the PRISM study for 4D150 in wet AMD. The results suggest significant clinical benefit and a clean safety profile as well as a positive readthrough to the next-in-development DME program, says the firm. BofA raised its view on the odds of success in wAMD to 50% from 15% and now estimates $2.8B in risk-adjusted peak sales, up from a previous forecast of $842M for 4D-150 in wAMD, contributing $62 per share to its price target, the analyst noted.