BofA lowered the firm’s price target on LianBio (LIAN) to $5 from $6 given net changes to cash and termination of mavacemten rights in Asia, while keeping a Buy rating on the shares. The firm pointed out in a research note on Friday that Lianbio has announced termination of its license agreement to sell Mavacemten in Asia with Bristol (BMY) in exchange for $350M and relief of $120M in milestone payment obligations. Following the termination, management announced that they were entering a strategic review to “realize the value of the company’s platform and product candidates.”
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