UPDATE: RBC Capital Downgrades Metacrine Inc. (MTCR) to Sector Perform

RBC Capital analyst Brian Abrahams downgraded Metacrine Inc. (NASDAQ: MTCR) from Outperform to Sector Perform with a price target of $2.50 (from $22.00).

The analyst comments "Given interim ’642 NASH data suggestive of activity albeit mixed, NASH development challenges, and a preclinical tox signal observed, MTCR will re-tool and focus solely on ’642 development in IBD. The pivot away from NASH may be well received by some and offers a fresh start, but it also introduces new risks around efficacy and animal tox. We expect shares to trade range-bound in the medium term until POC in UC emerges. We downgrade MTCR to Sector Perform from Outperform (maintaining Speculative Risk qualifier) and lower our price target to $2.50 from $22."

For an analyst ratings summary and ratings history on Metacrine Inc. click here. For more ratings news on Metacrine Inc. click here.

Shares of Metacrine Inc. closed at $3.83 yesterday.

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