Schrodinger price target raised to $87 from $86 at Piper Sandler

Piper Sandler analyst Do Kim raised the firm’s price target on Schrodinger to $87 from $86 and keeps an Overweight rating on the shares. The analyst believes drug discovery will have a bigger spotlight in 2023 as it is expected to outpace software revenues. Further, Kim believes the timing of the initial data on the release of SGR-1501 data will be significant because a partnership deal is expected to occur after Phase 1.