Q32 Bio (QTTB) delivered a "messy" update for its eczema and alopecia treatment, leading the biotech stock to collapse amid a series of downgrades and price-target cuts.
The company tested its drug, bempikibart, in patients with atopic dermatitis and alopecia areata. In the eczema study, an outsized placebo response torpedoed the results. And bempikibart looked less effective than already approved drugs in alopecia treatment, said Piper Sandler analyst Christopher Raymond, who described the results as "messy."
Now, Q32 Bio is discontinuing its efforts in eczema treatment and running another study in alopecia patients.
Raymond slashed his price target on the biotech stock to 20 from 85. Shares has an even worse fate at Leerink Partners where analyst Thomas Smith lowered his price target to 9 from 68. He also downgraded the stock to a market perform rating from outperform.
Q32 Bio stock crashed more than 67% to 8.02 in morning trades on the stock market today. Shares hit a record low, underscoring their previous low point at 8.24 in November 2023.
https://www.investors.com/news/technology/biotech-stock-q32-bio-stock-eczema-alopecia-treatment/
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