LifeSci Capital analyst Sam Slutsky downgraded Third Harmonic Bio (THRD) to Market Perform from Outperform and removed his prior price target after the company announced that it is discontinuing the Phase Ib chronic inducible urticaria study with THB001 following the observation of asymptomatic liver transaminitis in two patients. As a result of the "disappointing and unexpected" update, the competitive landscape for chronic urticaria has "become thinner," said Slutsky, who noted that both Celldex (CLDX) and Allakos (ALLK) traded up yesterday following the news.
Published first on TheFly
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