Morgan Stanley downgraded Acelyrin to Equal Weight from Overweight with a price target of $19, down from $39, after the company announced that Part B of the Phase 2/3 study evaluating izokibep for hidradenitis suppurativa, or HS, did not meet the primary endpoint. A high discontinuation rate and strong placebo response contributed to a miss, notes the analyst, who moves to Equal Weight based on greater uncertainty on HS and what the firm calls a “challenging near-term set-up” for Acelyrin.
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