Applied Molecular Transport downgraded to Neutral from Buy at Chardan

Chardan downgraded Applied Molecular Transport to Neutral from Buy without a price target. The company has not found momentum since its announced Phase 2 LOMBARD study miss evaluating AMT-101 in moderate-to-severe ulcerative colitis, the analyst tells investors in a research note. The firm says it overestimated the interest and wherewithal of the opportunity with AMT-101 in chronic pouchitis, which had met the primary endpoint in a Phase 2 study. It cites the current uncertainty of Applied’s clinical programs and strategy for the downgrade.