BofA analyst Tazeen Ahmad double downgraded Fate Therapeutics (FATE) to Underperform from Buy with a price target of $4, down from $72, after the company terminated their collaboration agreement Janssen (JNJ) and announced plans to reprioritize its clinical pipeline in 2023 by discontinuing lead assets FT516 and FT596. Ahmad will look to clinical pipeline updates expected this year to assess and clarify the path for the company’s early-stage assets.
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