Baird analyst Jack Allen downgraded Homology Medicines to Neutral from Outperform with a price target of $1.50, down from $9, after the company disclosed the initial clinical data from its HMI-103 program in phenylketonuria. While the data appear “somewhat encouraging” with one patient seeing substantial reductions in their phenylalanine levels, even after partially normalizing their diet, management concurrently announced that they will be pausing all of their ongoing programs and seeking strategic alternatives for the business, the analyst tells investors in a research note. As such, Baird downgrades the shares.
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