Cowen downgrades Frequency to Market Perform as FX-322 study misses endpoint

As previously reported, Cowen analyst Phil Nadeau downgraded Frequency Therapeutics to Market Perform from Outperform after FX-322’s Phase IIB in SNHL fails and the company discontinues development of its hearing loss pipeline. Focus will shift to a preclinical remyelination program for multiple sclerosis. Unfortunately, says the firm, remyelination has been "a graveyard of drug development" and this program is nascent, and therefore considered high risk. Cowen is moving to the sidelines as it awaits clinical proof-of-concept in multiple sclerosis.