Harpoon Therapeutics price target lowered to $13 from $33 at Citi

Citi analyst Yigal Nochomovitz lowered the firm’s price target on Harpoon Therapeutics to $13 from $33 and keeps a Buy rating on the shares after the company presented updated Phase 1/2 results for HPN328 in advanced small cell lung cancer and other neuroendocrine tumors. The efficacy results are a significant improvement on the ESMO abstract which showed only four responses out of 44 patients enrolled across all dosing levels, the analyst tells investors in a research note. Citi increased its HPN328 probability of sucess assumption in SCLC to 50% from 30%, but his is offset by a “significantly dilutive but necessary PIPE financing.”