Wells Fargo analyst Derek Archila downgraded Q32 Bio (QTTB) to Equal Weight from Overweight with a price target of $16, down from $95. The firm is “disappointed” bempikibart’s Phase 2 study in atopic dermatitis failed. While there are “some green shoots” in alopecia areata and safety looks good, it will take some time for dose optimization, the analyst tells investors in a research note. In addition, Q32’s cash needs are likely to cap share upside in the near-to-medium term, contends Wells.
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