ALNA - Allena downgraded to Neutral at B. Riley citing the end to lead clinical program

B. Riley Securities has downgraded its recommendation for late-stage biotech, Allena Pharmaceuticals (ALNA +1.8%), to Neutral from Buy after the company announced its decision to halt the lead development program for reloxaliase. In a regulatory filing last week, Allena (NASDAQ:ALNA) said that after a statistical analysis on unblinded data, it has decided to discontinue the Phase 3 URIROX-2 Trial for the candidate in enteric hyperoxaluria (EH). However, the second clinical program for ALLN-346 as a treatment for hyperuricemia in patients with gout and chronic kidney disease will proceed as planned subject to favorable payment terms with the Contract Research Organization, Allena (ALNA) added. Removing the EH-related product sales in their model, partially offset by lower operational expenditure, the analysts led by Mayank Mamtani have lowered the per-share target of the stock to $0.50 from $0.30. The team points out that their model is mainly based on ALLN-346 development, subject to

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Allena downgraded to Neutral at B. Riley citing the end to lead clinical program