Oppenheimer Downgrades Cincor Pharma Inc (CINC) to Perform

(Updated - November 29, 2022 4:04 AM EST)

Oppenheimer analyst Jay Olson downgraded Cincor Pharma Inc (NASDAQ: CINC) from Outperform to Perform.

The analyst comments "The Ph2 HALO study of baxdrostat vs. pbo missed the primary endpoint of SBP reduction with several caveats complicating the path forward in uHTN. We view this misstep as eventually correctable but move to the sidelines for now with a neutral rating until greater clarity emerges. We're disappointed by: 1) failure of the 2mg dose to achieve meaningful separation from placebo in the ITT population; 2) absence of insights into why the 1mg dose does not separate from the 0.5mg dose or placebo; 3) lack of biological explanation for the strong response at 2mg observed in non-Hispanic patients and not in Hispanics. CINC intends to engage with the FDA in Jan. 2023 for next steps. Along with our rating downgrade, we remove our price target."

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

Shares of Cincor Pharma Inc closed at $14.11 yesterday.

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