4D Molecular Therapeutics up on positive data in lung disease drug study

4D Molecular Therapeutics

08/06/2023 10:19

** Shares of 4D Molecular Therapeutics  FDMT.O  rise 18.8% 
to $21.7 - biggest gainer on Nasdaq biotechnology index  .NBI 
premarket
    ** Drug developer said its experimental drug to treat cystic
fibrosis, a type of lung disease, showed significant improvement
of lung function on a diagnosis scale in the early- to mid-stage
study 
    ** Co plans to initiate mid-stage dose expansion study in
second half of 2023
    ** Cystic fibrosis is a genetic disorder in which mucus
builds up in lungs causing serious respiratory problems
    ** Brokerage firm Jefferies raises PT to $29 from $24, after
the co reported positive data in the study
    ** Up to Wednesday's close, stock had fallen ~17.7% 

 (Reporting by Khushi Mandowara in Bengaluru)
 ((Khushi.Mandowara@thomsonreuters.com;))