H.C. Wainwright slashed its price target for Tracon Pharmaceuticals (NASDAQ:TCON) to $6 from $13, but reiterated its “buy” rating, after the company and partner, Santen Pharmaceutical, discontinued development of DE-122 for the treatment of wet age-related macular degeneration (AMD). The stock closed at $2.20 on March 9.
The decision followed a review of topline results from the Phase 2a AVANTE trial that evaluated DE-122 in combination with Lucentis versus Lucentis as a single agent in wet AMD patients, writes analyst Edward White.
Topline results showed that there was no improvement in visual acuity, the primary endpoint of the trial, with DE-122 in combination with Lucentis compared with single agent Lucentis, he added.
