CinCor downgraded to Perform pending more clarity at Oppenheimer

Oppenheimer analyst Jay Olson last night downgraded CinCor Pharma to Perform from Outperform without a price target after the Phase 2 HALO study of baxdrostat missed the primary endpoint. The analyst sees "several caveats complicating the path forward" in uncontrolled hypertension. The analyst views "this misstep as eventually correctable" but moves to the sidelines "until greater clarity emerges." He is disappointed by the failure of the 2mg dose to achieve meaningful separation from placebo in the intention to treat population and absence of insights into why the 1mg dose does not separate from the 0.5mg dose or placebo.