Morgan Stanley Starts 4D Molecular Therapeutics (FDMT) at Underweight

Morgan Stanley analyst Judah Frommer initiates coverage on 4D Molecular Therapeutics (NASDAQ: FDMT) with a Underweight rating and a price target of $8.00.

The analyst comments: "We initiate coverage of FDMT with an $8 PT and UW rating given relative risk-adjusted return potential with other stocks in our coverage universe. FDMT is developing gene therapies using AAV capsids derived from its directed evolution platform. The company's lead candidate, 4D-150, is an anti-VEGF gene therapy entering Ph3 for wet age-related macular degeneration (wet AMD, wAMD) and being studied in Ph2 for diabetic macular edema (DME). Retinal diseases like wet AMD and DME have effective treatment options in the form of already-approved, multi-billion dollar biologic VEGF inhibitors, but real-world visual outcomes are suboptimal due to poor adherence to a burdensome treatment paradigm that requires frequent intravitreal injections. Gene therapy, in concept, is a compelling modality for these diseases as it can provide more durable treatment for patients, but our UW rating is driven by competitive dynamics across the wAMD standard-of-care and drug development landscapes, along with a gene therapy prophylaxis and safety profile that we, and experts we have consulted, would like to see evolve further."

For an analyst ratings summary and ratings history on 4D Molecular Therapeutics click here. For more ratings news on 4D Molecular Therapeutics click here.

Shares of 4D Molecular Therapeutics closed at $8.41 yesterday.

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