JPMorgan analyst Brian Cheng downgraded Gossamer Bio to Underweight from Neutral without a price target. Following the Phase 2 TORREY readout, the analyst sees path forward for Gossamer to move the seralutinib program forward in a "narrower-than-expected" patient population, and he’s cautious on the company’s outlook in 2023. The Phase 3 plan to include both FC III and FC II with the higher risk criteria is "somewhat of a head-scratcher to us," Cheng tells investors in a research note. The analyst says he’ll need additional data to gain confidence on the next steps.
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