Frequency Therapeutics downgraded to Neutral from Buy at Chardan

Chardan analyst Daniil Gataulin downgraded Frequency Therapeutics to Neutral from Buy without a price target after the hat the Phase 2b study of FX-322, the company’s lead candidate for hearing loss, failed to meet the primary endpoint of an improved speech perception in patients with either sudden or noise-induced hearing. With the discontinuation of the hearing loss program, Frequency now shifts back to preclinical stage, with no assets expected to enter clinic until at least the first half of 2024, the analyst tells investors in a research note. The firm believes it is too early to assign any meaningful value to Frequency’s multiple sclerosis program.