Alliance Global Partners lowered the firm’s price target on PDS Biotechnology (PDSB) to $5 from $16 and keeps a Buy rating on the shares after the company announced Q4 results, highlighting the upcoming clinical milestones for their immuno-oncology pipeline, including the reprioritization of a Phase 3 trial in the triple combination of Versamune plus PDS01ADC plus Merck’s (MRK) Keytruda for HPV16-positive head and neck squamous cell cancer, or HNSCC, patients. The firm, which has removed its valuation for PDS0101 in combination with Keytruda from its sum-of-the-parts analysis, values the triple combination of PDS0101, PDS01ADC and Keytruda in recurrent, metastatic HPV-positive HNSCC at $4.75 per share and net cash and tech value at 25c per share.
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