B. Riley lowered the firm’s price target on NGM Biopharmaceuticals to $3.50 from $7.00 and keeps a Buy rating on the shares. The risk-reward is compelling following a recent management post-Q3 earnings catch-up that focused on a major oncology portfolio strategy update anticipated around YE23, the analyst tells investors in a research note. The firm expects the new CFO to further catalyze non-core programs’ externalization.
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