CinCor downgraded at Oppenheimer after mid-stage setback for blood pressure drug
CinCor Pharma (NASDAQ:CINC) lost sharply for the second straight session on Tuesday as Oppenheimer downgraded it to Perform from Outperform after the cardio-renal drug developer said its antihypertensive agent baxdrostat failed in a Phase 2 trial.
CinCor (CINC) shares sold off on Monday after the company said that the trial named HALO did not meet the main goal for change in mean seated systolic blood pressure (SBP) with statistical significance in the intention to treat (ITT) population (n = 249)
“We view this misstep as eventually correctable but move to the sidelines for now with a neutral rating until greater clarity emerges,” the analysts wrote as they removed the CINC price target.
The team voiced disappointment over the absence of a meaningful separation between 2mg dose and placebo in the ITT group.
Additionally, the firm is concerned over a lack of biological explanation behind the finding that baxdrostat at 2 mg had a strong effect in a subset of non-Hispanic patients but not Hispanics.
According to data from Seeking Alpha, CinCor (CINC) has no Sell or Hold ratings on Wall Street.