BMO Capital analyst Gary Nachman lowered the firm’s price target on Evelo Biosciences to $5 from $10 but keeps an Outperform rating on the shares. The company’s Q4 results were better than expected on reduced spending, the analyst tells investors in a research note. The firm notes however that its price target cut is due to increased conservatism with regards to the timing and outlook for its pipeline.
Published first on TheFly
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