H.C. Wainwright downgraded Lava Therapeutics (LVTX) to Neutral from Buy with a price target of $1.50, down from $2. The company announced a workforce reduction of 30% and the initiation of a strategic review to extend its cash reserve and maximize shareholder value, the analyst tells investors in a research note. The firm says the move generates uncertainties regarding Lava’s only clinical asset, LAVA-1266 for hematological malignancies, as it depends on the outcome of the strategic review.
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