ANGN - Angion Biomedica cut to hold at Stifel on ending development of kidney disease drug

• Stifel has cut Angion Biomedica to neutral from buy following the company's decision to discontinue a phase 2 trial evaluating ANG-3070 for kidney diseases .
• Shares are down 36% in Thursday morning trading.
• The firm cut its price target to $1.50 from $5 (~12% downside based on Wednesday's close).
• Analyst Annabel Samimy said that the trial was discontinued due to a safety signal in one patient as well as disappointing efficacy.
• Angion ( NASDAQ: ANGN ) is continuing development of ANG-3070 in idiopathic pulmonary fibrosis with a phase 1b trial slated to begin this year.
• However, Samimy noted that the company may need to perform additional tests to determine dose response pior to beginning the phase 1b trial.
• She added that Angion ( ANGN ) currently does not have enough cash to perform a phase 2 program.
• Seeking Alpha's Quant Rating views Angion ( ANGN ) as a buy with high grades for valuation and revisions .

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