Outlook Therapeutics downgraded to Neutral from Overweight at Cantor Fitzgerald

Cantor Fitzgerald downgraded Outlook Therapeutics to Neutral from Overweight with a price target of $1, down from $4.50, following Outlook’s announcement of the receipt of a Complete Response Letter from the FDA for Lytenvana in wet AMD. While the firm still believes the drug is effective and still sees “a clear unmet need for an FDA-approved formulation of bevacizumab,” its downgrade is driven by concerns about the timing and funds required to bring this through the regulatory path. While the therapy is effective enough for approval, the biggest questions are “when” and “what level of data and information will it take to get there,” the analyst tells investors.