Maxim lowered the firm’s price target on Quoin Pharmaceuticals to $4 from $15 and keeps a Buy rating on the shares after the company’s Q4 results. The company has recently updated the study protocol for both the blinded randomized and open-label portion of QRX003’s study in Netherton Syndrome, and the firm expects another data readout from the open-label portion in summer 2024, with topline results from the randomized portion of the trial in Q1 of 2025, though its reduced price target reflects pushed out timelines for development to 2026 from 2025, the analyst tells investors in a research note.
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