Raymond James downgraded Disc Medicine to Outperform from Strong Buy with a price target of $40, down from $75. The results from the company’s topline data from AURORA, a Phase 2 study of bitopertin in patients with erythropoietic protoporphyria, were mixed, the analyst tells investors in a research note. While the trial was successful, bitopertin failed to demonstrate a statistically significant improvement in key secondary light tolerance endpoint due to much larger than expected improvements in the placebo arm, says the firm. Shares of Disc Medicine are down 58% to $26.37 in morning trading.
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