FIXX - Homology stock falls 11% as Canaccord cuts price target citing potentially prolonged clinical hold

Shares of Homology Medicines  [[FIXX, -11.11%]] fell on Wednesday after Canaccord Genuity cut its price target on the stock to $7 from $19, noting that the clinical hold on the company's pheNIX gene therapy trial of HMI-102 for phenylketonuria may be prolonged. In February, the genetic medicines company said that the U.S. Food and Drug Administration put a hold on its trial citing the need to modify risk mitigation measures in the study in response to observations of elevated liver function tests (LFTs). However, on March 23 Homology (NASDAQ:FIXX) noted that the LFT elevations that were observed had all been resolved. But, the company estimates that it would require more time to submit and receive feedback on its proposed clinical risk-mitigation strategy. This also included time needed to amend the pheNIX study protocol. The company had said it expects to provide a program update when the path forward was established with the FDA. Canaccord analyst

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Homology stock falls 11% as Canaccord cuts price target citing potentially prolonged clinical hold