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Fly News Breaks for March 11, 2019
ZFGN
Mar 11, 2019 | 20:54 EDT
Piper Jaffray analyst Edward Tenthoff lowered his price target for Zafgen to $6 from $18 after the company announced the suspension of the planned ZGN-1258 investigational new drug application filing for Prader Willi syndrome after observing preclinical muscle toxicity in rats at four and six months. The analyst believes this IND hold is related to enhanced FDA scrutiny following a fatality caused by discontinued first-gen MetAP2 inhibitor beloranib. He calls the hold "concerning" but reiterates an Overweight rating on Zafgen shares.
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