Shares of Q32 Bio soared after the company announced that its Phase 2a clinical trial of bempikibart for severe alopecia areata met its primary efficacy goal, showing a 35% average reduction in scalp hair loss severity with no serious treatment-related adverse events. Oppenheimer analyst Jay Olson doubled his price target to $40 and reiterated an outperform rating, while Wells Fargo analyst Derek Archila set a $66 target, citing improved odds of success. The stock pulled back about 7% in after-hours trading after Q32 Bio announced a $200 million stock offering to fund further trials.
Oppenheimer Holdings Inc
Wells Fargo & CompanyQ32 Bio IncPhase 2a trial of bempikibart met primary efficacy goal for alopecia areata.