Truist analyst Robyn Karnauskas lowered the firm’s price target on Fate Therapeutics to $46 from $51 but keeps a Buy rating on the shares. The company’s FT576 data presented at ASH were "disappointing" vs. bispecifics and the program looks to be behind in clinical development, the analyst tells investors in a research note. Myeloma space is extremely competitive, but she continues to believe that Fate Therapeutics has a strong iPSC derived platform, Karnauskas adds.
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