Seres Therapeutics price target lowered to $11 from $17 at Canaccord

Canaccord analyst John Newman lowered the firm’s price target on Seres Therapeutics to $11 from $17 and keeps a Buy rating on the shares. The analyst said we continue to expect FDA approval leading up to the PDUFA date of SER-109 in recurrent C. Diff. (rCDI). Commercialization plans are underway as Seres prepares for a possible launch. We lowered our price target based on conservative estimates for the SER-109 adoption rate.