Canaccord analyst Bill Maughan lowered the firm’s price target on Fate Therapeutics to $16 from $42 and keeps a Buy rating on the shares. The analyst noted the shares traded sharply on the news that several pipeline programs, and surprisingly the entire Janssen collaboration is being discontinued. While he expected, even hoped for, some discontinuation of redundant programs to reduce OpEx, the extent of the shake-up is greater than anticipated.
Published first on TheFly
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