Baird downgraded Reneo Pharmaceuticals to Neutral from Outperform with a price target of $3, down from $28. The failure of the pivotal STRIDE study of mavodelpar in primary mitochondrial myopathies, or PMM, “sinks our thesis on Reneo,” says the analyst, who notes that the firm’s revised target represents the firm’s estimate of the cash balance after restructuring charges.
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