Moderna’s (MRNA) messenger RNA competitor Translate Bio (TBIO) announced this morning that the FDA placed a clinical hold on its Investigational New Drug Application for MRT5201 to treat ornithine transcarbamylase deficiency, Piper Jaffray analyst Edward Tenthoff tells investors in a research note. Translate Bio also had a prior clinical IND hold on MRT5005 for cystic fibrosis due to manufacturing issues, adds the analyst. Tenthoff does not see read-through to Moderna’s mRNA platform and pipeline from the news. The FDA accepted the company’s IND for mRNA-3704 to treat orphan disease methylmalonic acidemia, and the Phase I/II study will begin soon, says the analyst. He reiterates an Overweight rating on Moderna with a $24 price target. The stock in midday trading is down 3% to $16.15.
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