Exscientia price target lowered to $11 from $16 at BofA

BofA lowered the firm’s price target on Exscientia to $11 from $16 and keeps a Buy rating on the shares following the company’s announcement of a pipeline reprioritization to focus on assets with a higher perceived ROI. While the firm continues to view Exscientia as “a leader in the growing fields of AI-enabled drug discover and clinical trial design,” its lower price target on the shares is primarily driven by removal of the A2a program from its model.