First Wave BioPharma downgraded to Neutral from Buy at H.C. Wainwright

H.C. Wainwright downgraded First Wave BioPharma to Neutral from Buy without a price target. The enhanced adrulipase formulation demonstrated an improvement over prior formulations of adrulipase and it was safe and well tolerated, but the primary efficacy endpoint was not achieved based on preliminary data, according to management, the analyst tells investors in a research note. The firm says it is discouraging to see that the enhanced formulation was not able to allow a reduced pill burden while delivering non-inferior therapeutic effect compared to current commercial porcine pancreatic enzyme replacement therapy. It notes First Wave has no other drug candidates in clinical development.