By Chris Wack
Homology Medicines Inc. shares plunged 30% to a 52-week low of $2.70 after the company said the U.S. Food and Drug Administration will place its pheNIX gene therapy trial of HMI-102 in adults with phenylketonuria on clinical hold.
The FDA cited the need to modify risk mitigation measures in the study in response to observations of elevated liver function tests.
On Friday, the genetics medicine company said it expects to receive an official clinical hold letter within 30 days.
Homology plans to provide an update pending further clarity from the FDA.
Homology has two ongoing clinical programs, the pheEDIT gene editing trial of HMI-103 for PKU and the juMPStart gene therapy trial of HMI-203 for Hunter syndrome, with program updates expected by the end of this year.
Oppenheimer changed its recommendation for Homology stock to perform from market perform. RBC Capital moved its stance to sector perform from outperform, and cut its price target to $4 a share from $30. BTIG cut its price target to $29 from $35 a share, and Chardin Capital cut its price target to $15 from $25 a share. B of A Securities cut its price target to $9 from $25 a share.
Write to Chris Wack at email@example.com
(END) Dow Jones Newswires
February 22, 2022 12:32 ET (17:32 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.