GRAY - Piper Sandler downgrades Grayburg Vision; shares fall 50% following disappointing data

Piper Sandler analyst Christopher Raymond has downgraded shares of Grayburg Vision (GRAY) to neutral from overweight.He has also cut his price target from $27 to $10.Raymond said the release earlier today of top-line data from  Grayburg's phase 2b ALTISSIMO study of GB-102, the company's lead candidate, in age-related macular degeneration and diabetic macular edema, offered mixed results.He noted that while 48% of patients were rescue-free at 6 months, that was lower than the 60% he was anticipating.In addition, GB-102 patients saw a change from baseline of ~9 letters less than Eylea, a competing product from Regeneron.Raymond said that because management indicated it will need to take a look at the full ALTISSIMO dataset before determining next steps and when to enter phase 3, he is pushing his commercial timeline estimate out by a year.Grayburg shares are down 49.8% to $7.41 in afternoon trading.

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Piper Sandler downgrades Grayburg Vision; shares fall 50% following disappointing data