William Blair Downgrades VistaGen Therapeutics (VTGN) to Market Perform

William Blair analyst Tim Lugo downgraded VistaGen Therapeutics (NASDAQ: VTGN) from Outperform to Market Perform.

The analyst comments "Our take: We view the Phase III PALISADE-3 miss as disappointing, but acknowledge that we had always viewed the study as high risk. With data from the PALISADE-4 study expected in first half 2026, Vistagen has an additional shot on goal for a confirmatory study supportive of a fasedienol NDA filing, alongside the positive PALISADE-2 results released in 2023. However, with no separation from placebo on the primary SUDS endpoint and no secondary endpoints indicating a signal favoring treatment in PALISADE-3, we are now uncertain if fasedienol is an active agent for the acute treatment of SAD, and we now view PALISADE-4 as a substantially higher-risk profile. The lack of placebo-adjusted efficacy on the SUDS primary endpoint in PALISADE-3 is not in the same range as the ~5-point improvement highlighted by KOLs as likely clinically meaningful here, hence our increased risk assumptions for PALISADE-4. Accordingly, we are downgrading shares of Vistagen to Market Perform."

For an analyst ratings summary and ratings history on VistaGen Therapeutics click here. For more ratings news on VistaGen Therapeutics click here.

Shares of VistaGen Therapeutics closed at $4.36 yesterday.

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