Jefferies defending CinCor Pharma ‘at zero EV’

Jefferies analyst Dennis Ding said he is defending shares of CinCor Pharma, which he sees as at "zero" enterprise value after the Phase 2 HALO failure in uncontrolled hyptertension was "a big surprise for investors." There is a "clear value dislocation" between how the market and he thinks about the commercial opportunity for CinCor’s blood pressure pill, said Ding, who argues that the market reaction the HALO data is "overblown" and presents a "more attractive buying opportunity" since CinCor will still move forward into Phase 3 studies with a strong balance sheet to get to data in 2025. Ding has a Buy rating and $50 price target on CinCor shares, which are trading at $12.30 in Wednesday morning trading.