- Last month, Angion Biomedica Corp (NASDAQ:ANGN) discontinued the JUNIPER Phase 2 dose-finding trial of ANG-3070 in primary proteinuric kidney diseases, specifically focal segmental glomerulosclerosis and immunoglobulin A nephropathy.
- HC Wainwright downgraded the stock to Neutral from Buy without a price target.
- The analysts say that Angion continues to pursue a Phase 1b study of ANG-3070 in patients with idiopathic pulmonary fibrosis (IPF). Topline data remain scheduled to release later this year.
- “While we do not expect to get a sense of efficacy from this trial, it may pave the way for ANG-3070 to move into proof-of-concept IPF clinical assessment next year. We also expect safety and tolerability data in IPF patients to be generated from the Phase 1b trial,” notes HC Wainwright.
- “While we remain cautiously optimistic regarding ANG-3070’s potential in IPF, we recognize that this will take time to realize. In the wake of the JUNIPER discontinuation,” the analysts added.
- Price Action: ANGN shares are down 2.36% at $1.04 during the market session on the last check Monday.
Baker Hughes Forecasts Dip In FY24 North American Oilfield Spending
Baker Hughes expects Q1 FY24 revenue of $6.1B-$6.6B and EBITDA of $880M-$960M. In FY24, the company projects revenue of $26.5B-$28.5B and EBITDA of $4.1B-$4.5B, with strong LNG demand and new orders. It expects North American D&C spending to decline and international oilfield spending to grow.
