Stifel Downgrades Freeline (FRLN) to Hold

Stifel analyst Dae Gon Ha downgraded Freeline (NASDAQ: FRLN) from Buy to Hold with a price target of $1.00 (from $2.00).

The analyst commented, "Our optimism in FRLN was predicated on the novelty - and potential benefits - of the proprietary AAVS3 capsid evaluated in FLT190 (Fabry disease) and FLT201 (Gaucher disease type 1 [GD1]). Before today, 2023 was setting up to be an eventful year that, due to the pause in FLT190, has narrowed down to a FLT201 update in 3Q23. In a market where the majority of gene therapy companies - adeno-associated virus (AAV) and lentivirus (LV) - receive heavy investor scrutiny, we think the path forward has gotten significantly more challenging. Restructuring/reprioritization efforts extending cash runway into 2Q24 is a glimmer of hope, but financing and dilution risk now hinges primarily on the stock's potential upside post-FLT201 data. Unfortunately with multiple approved drugs today, bar for success seems difficult, in our view."

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

Shares of Freeline closed at $0.47 yesterday.

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