Dicerna Pharmaceuticals (DRNA) PT Lowered to $22 at H.C. Wainwright

H.C. Wainwright analyst Ed Arce lowered the price target on Dicerna Pharmaceuticals (NASDAQ: DRNA) to $22.00 (from $24.00) while maintaining a Buy rating. Dicerna remains on track to initiate PHYOX2, its pivotal, multidose, double-blind, placebo-controlled trial of lead compound DCRPHXC later this month. Yesterday, on the 4Q earnings call, management disclosed that patients are to receive a monthly, subcutaneous fixed dose of 170mg/mL for adults, and a lower fixed dose for younger or lower-weight patients.

An FDA meeting later this month could yield a positive surprise. While the conduct of PHYOX2 has already been agreed to with the Agency, this meeting will consider potential changes to the data analysis, specifically, agreeing to an endpoint sufficient for full approval, as opposed to accelerated approval.

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