G1 Therapeutics price target lowered to $12 from $14 at Needham

Needham analyst Gil Blum lowered the firm’s price target on G1 Therapeutics to $12 from $14 but keeps a Buy rating on the shares. The increase in timelines from the trilaciclib Phase 3 PRESERVE 2 trial continuation to its final readout in Q3 is “disappointing but not a complete surprise” as the firm had given a 40% probability that the study will continue to its completion, the analyst tells investors in a research note. Not meeting significance at this juncture increases the overall development risk, Needham notes, adding however that the study was not discontinued due to futility.