Brokerages downgrades Imara on uncertain future for lead drug

Enliven Therapeutics

06/04/2022 11:40

** Shares of drug developer Imara Inc  IMRA.O  fall 10.2% to
$1.14 premarket after closing down 22.1% on Tuesday 
    ** SVB Leerink and Citi cut their ratings on IMRA after it
stopped developing its lead drug tovinontrine for two types of
blood disorders following disappointing mid-stage data on
Tuesday  urn:newsml:reuters.com:*:nL3N2W31IM
    ** Development path in the drug's third indication, heart
failure with preserved ejection fraction, remains unclear, says
SVB Leerink, downgrading to "market perform" from "outperform"
    ** Citi cuts to "neutral" from "buy", saying it prefers a
wait-and-see approach for co's remaining pipeline as it awaits
proof-of-concept data
    ** After Tuesday's slide, IMRA's market cap is $33.4 mln;
stock has lost ~84% in the past 12 months 

 (Reporting by Manas Mishra in Bengaluru)
 ((Manas.Mishra@thomsonreuters.com;
www.twitter.com/Manaswrites15))