First Berlin keeps MaaT Pharma rating at Under Review, price target under review

First Berlin maintained its Under Review rating on MaaT Pharma, with the price target also Under Review, citing a CHMP negative opinion on MaaT013’s conditional European filing. Focus shifts to PHOENIX, with first patient enrollment possible in H1 2027; cash was EUR 17.1 million at end-June and runway is seen through December 2026.