Graphite Bio price target lowered to $8 from $10 at BofA

BofA analyst Geoff Meacham lowered the firm’s price target on Graphite Bio to $8 from $10 and keeps a Buy rating on the shares. The analyst thought it was a good time to take another look at his Graphite Bio thesis in light of the progress seen in sickle cell disease at the American Society of Hematology conference. With the initial data for Graphite’s lead program nula-cel expected in mid-2023, the data will be heavily scrutinized regarding any differentiation versus other gene-editing treatments in sickle cell, particularly from Crisper/Vertex, Meacham tells investors in a research note. He believes Graphite’s approach of correcting the beta-globin gene to normal is "very compelling," but reduced the price target after removing the company’s Gaucher disease program from his model.