HC Wainwright Downgrades Angion Biomedica

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  • Last month, Angion Biomedica Corp ANGN discontinued the JUNIPER Phase 2 dose-finding trial of ANG-3070 in primary proteinuric kidney diseases, specifically focal segmental glomerulosclerosis and immunoglobulin A nephropathy. 
  • HC Wainwright downgraded the stock to Neutral from Buy without a price target.
  • The analysts say that Angion continues to pursue a Phase 1b study of ANG-3070 in patients with idiopathic pulmonary fibrosis (IPF). Topline data remain scheduled to release later this year. 
  • "While we do not expect to get a sense of efficacy from this trial, it may pave the way for ANG-3070 to move into proof-of-concept IPF clinical assessment next year. We also expect safety and tolerability data in IPF patients to be generated from the Phase 1b trial," notes HC Wainwright. 
  • "While we remain cautiously optimistic regarding ANG-3070's potential in IPF, we recognize that this will take time to realize. In the wake of the JUNIPER discontinuation," the analysts added.
  • Price Action: ANGN shares are down 2.36% at $1.04 during the market session on the last check Monday.
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