CST - Wedbush downgrades shares of Grayburg Vision following phase 2 results

Wedbush analyst Liana Moussatos has downgraded shares of Grayburg Vision (GRAY) from outperform to neutral.She also cut her price target to $8 from $41.Moussatos writes that she is "perplexed" at secondary endpoint results from top-line data on the company's lead candidate, GB-102, for wet age-related macular degeneration (AMD) and diabetic macular edema (DME), which was released yesterday.Those results showed that GB-102 had best correct visual acuity (BCVA) of nine letters lower compared to Eylea, a competing therapy from Regeneron."We considered no change on both BCVA and [central subretinal thickness (CST)] to be the minimum 'win' as these patients would naturally have declining vision and an increase in retinal thickness," Moussatos writes. "Since these initial results did not meet our minimum threshold, we are stepping to the sideline until further clarity from the full results in Q2 where we hope to gain a better understanding of the loss of visual acuity

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Wedbush downgrades shares of Grayburg Vision following phase 2 results