CinCor Pharma downgraded on limited catalysts at Morgan Stanley

Morgan Stanley analyst Jeffrey Hung downgraded CinCor Pharma to Equal Weight from Overweight with a price target of $22, down from $60, following the HALO study results. With the Phase 3 studies for resistant hypertension and uncontrolled hypertension expected to begin in the first half of 2023, results from those studies are unlikely for some time, Hung tells investors in a research note. The analyst now sees "limited stock-moving catalysts" for CinCor shares over the next 12 months and better opportunities elsewhere in his coverage.