RBC Capital analyst Gregory Renza downgraded Verrica Pharmaceuticals (VRCA) to Sector Perform from Outperform with a price target of $2, down from $11. The firm says the company’s “challenging” Q3 of negative net revenues is compounded by a quick CEO transition and strategic review to save Ycanth, manage costs, and restore the balance sheet. RBC sees “an uncertain path” for Verrica and cut its Ycanth forecasts.
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