$KOD Citi downgraded the clinical-stage biotech to Sell from Neutral on Tuesday, citing a failure for the company’s lead candidate KSI-301 in a Phase 3 trial for patients with treatment-naïve retinal vein occlusion (RVO). (They're citing a failure for a trial that hasn't reported results yet lol) Noting a topline data readout expected from the trial in August, the analyst Neena Bitritto-Garg argues that the study named BEACON is unlikely to succeed. (Really, what's her argument?) Bitritto-Garg expects the company shares to reach her price target of $6 in the event of the trial failure. (lol, this will be a dollar on a trial failure) “Even if BEACON succeeds statistically, regulatory success is dependent on success in ongoing DME studies reading out in mid-2023,” the analyst added, arguing that weak BEACON data would raise concerns over the success of those late-stage diabetic macular edema studies. (Regulatory success is most certainly not dependent on a different drug trial)