H.C. Wainwright downgraded Outlook Therapeutics to Neutral from Buy with a price target of $1, down from $5. The analyst is “disappointed” by yesterday’s announcement indicating that the FDA issued a complete response letter for Lytenava. With a cash runway that extends to the end of 2023, the company is likely going to have to raise dilutive capital to conduct the study to supplement its application, the analyst tells investors in a research note. The firm says Outlook is going to find additional capital on unfavorable terms.
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