Canaccord analyst William Maughan lowered the firm’s price target on Harpoon Therapeutics (HARP) to $40 from $80 and keeps a Buy rating on the shares. The firm noted shares are trading lower after Harpoon announced that AbbVie (ABBV) will not be exercising the Development and Option Agreement for Harpoon’s lead asset HPN217, a T-cell engager therapy targeting BCMA. Canaccord thinks the stock price reflects no chance of success for HPN217 but upcoming data will clarify the company’s options.
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