Fractyl Health jumps as IPO research quiet period ends
27/02/2024 18:25
** Shares of Fractyl Health GUTS.O rise 10% to $8.36 in
afternoon trade as IPO research quiet period ends
** Brokerage BofA Global Research initiates coverage on the
drug developer with a 'buy' rating
** BofA, Morgan Stanley and Evercore ISI were the
underwriters of the IPO
** BofA says Revita, co's device for type 2 diabetes, is in
pivotal testing with topline data in Q4, which could support
approval in the multi-bln market
** Follow-on asset Rejuva is a one-time, diabetes and
obesity (GLP-1) gene therapy that aims at remission of the
conditions, potentially with better tolerability than on-market
GLP-1 drugs - BofA
** Quiet period is the time after an IPO when analysts
employed by underwriters are prohibited from making
recommendations and commenting on the company’s future prospects
as required by industry practice
** Stock down 44.2% since debut on Feb 2
(Reporting by Puyaan Singh)
((Puyaan.Singh@thomsonreuters.com;))