Oppenheimer analyst Jay Olson downgraded Frequency Therapeutics to Perform from Outperform without a price target. The company announced the FX-322-208 Phase 2b study missed its primary and secondary efficacy endpoints in 142 patients with either sudden or noise-induced sensorineural hearing loss, the analyst tells investors in a research note. Following the failure, Frequency is moving on from the treatment of hearing loss to focus on remyelination in patients suffering from multiple sclerosis, says the firm. Opco now believes the shares are fairly valued.
Published first on TheFly
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