Evercore ISI lowered the firm’s price target on Aura Biosciences to $20 from $29 and keeps an Outperform rating on the shares after updating the firm’s model to account for recent financing. The firm views choroidal melanoma as a $500M opportunity and notes that Phase 3 studies have just started, with data expected in about two years. In the meantime, Evercore sees 2024 “as an important value inflection point” with two important data read outs next year that could expand the platform to larger indications, the analyst tells investors.
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