Annexon cut at BofA on mid-stage eye disease data

• BofA Securities has downgraded Annexon (NASDAQ:ANNX) to neutral from buy after top-line phase 2 data for the company's candidate for geographic atrophy failed to meet its primary endpoint.
• Analyst Tazeen Ahmad called the results mixed, adding there could be a path forward for ANX007.
• The firm cut its price target to $3 from $8 (~42% downside based on Thursday's close).
• Ahmad noted that the company said that a pre-specified analysis found at one year, there was an improvement in best corrected visual acuity ((BCVA)), a visual benefit measure, in those treated with the candidate.
• She added given there is a recently approved GA drug that is dosed as infrequently as every other month -- Apellis Pharmaceuticals' (APLS) Syfovre (pegcetacoplan) -- and another one soon, the BCVA benefit will need to be strong in phase 3.

More on Annexon

• Annexon off 58% after setback for eye disease candidate; JPMorgan downgrades

• Annexon: Attractive, Below-Radar, Undervalued Stock