Piper Sandler lowered the firm’s price target on Aslan Pharmaceuticals to $10 from $15 to account for dilution from financing, while keeping an Overweight rating on the shares. The firm notes Aslan ended Q3 with cash of $40.8M and debt of $38M. The company issued 5M and 5M warrants priced at $1.00 raising gross proceeds of $5M, extending runway deeper into the second half of 2024 through a potential eblasakimab partnership and/or Phase IIa FAST-AA data on farudodstat in alopecia areata in mid’24.
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