Stifel analyst Dae Gon Ha downgraded Freeline to Hold from Buy with a price target of $1, down from $2. The firm’s previous optimism was "predicated on the novelty – and potential benefits – of the proprietary AAVS3 capsid" evaluated in FLT190 for Fabry disease and FLT201 for Gaucher disease type 1. However, what had been "setting up to be an eventful year" has narrowed down to a FLT201 update in Q3 due to the pause in FLT190, said the firm. Financing and dilution risk "now hinges primarily on the stock’s potential upside post-FLT201 data," but the bar for success "seems difficult" with multiple approved drugs in the area, the analyst tells investors.
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