LMNL - Liminal BioSciences downgraded at Piper Sandler on pipeline update

Liminal BioSciences ([[LMNL]] +1.7%) slipped last week after the company ditched its plans to advance fezagepras in Phase 2 and phase 2a/2b clinical studies targeting Idiopathic Pulmonary Fibrosis ((IPF)) and Hypertriglyceridemia ((HTG)), respectively.Piper Sandler analyst Yasmeen Rahimi calls it “a smart move,” yet downgrades the stock to neutral from overweight as she removes IPF from the model. The price target lowered to $4.50 from $22.00 per share indicates a downside of ~57.1% to the last close.“We believe fezagepras still has space in the clinic,” the analyst wrote arguing that Liminal’s lead small molecule candidate has not indicated any safety signals up to 2,400 mg/day.Citing a high probability to obtain a priority review voucher, Rahimi also points to the company’s potential to obtain undiluted funding with the upcoming FDA action date on June 05 for Ryplazim (plasminogen) in congenital plasminogen deficiency.Subject to any transactions related to its plasma-derived therapeutics' business, the company

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Liminal BioSciences downgraded at Piper Sandler on pipeline update