H.C. Wainwright analyst Mitchell Kapoor says that amid “impressive” low-dose efficacy data, Neurogene’s (NGNE) NGN-401 led to a treatment-related severe adverse event in a single high-dose patient, leaving investors with unanswered questions. Neurogene yesterday disclosed the patient was dosed November 5, six days before the event was made known to management, the analyst tells investors in a research note. The patient is in critical condition, after experiencing signs of systemic hyperinflammatory syndrome. Neurogene shares were down 43% yesterday, which H.C. Wainwright believes is an overreaction. It continues to view the safety profile of low-dose NGN-401 as “highly favorable, with only Grade 1 (mild) adverse events observed.” The firm thinks Neurogene has a clinically meaningful drug with low-dose NGN-401 with a regulatory path forward. It reiterates a Buy rating on the shares with a $55 price target The stock closed yesterday down 43%, or $14.70, to $19.82.
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Read More on NGNE:
- Closing Bell Movers: Super Micro up 28% on compliance update
- Neurogene reports Q3 EPS ($1.19), consensus ($1.22)
- Neurogene Adjusts NGN-401 Trial After Adverse Event
- Neurogene provides update on NGN-401 clinical trial for Rett syndrome
- Neurogene Reports Promising Interim Results for NGN-401 Trial
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