Sigilon Therapeutics price target raised to $30 from $6.00 at Canaccord

Canaccord raised the firm’s price target on Sigilon Therapeutics (SGTX) to $30 from $6.00 and keeps a Buy rating on the shares. The firm updated its target to reflect the buyout from Eli Lilly (LLY). Our price target is derived from the $14.92 per share acquisition price plus probability-weighted contributions from the three potential CVR payments. We assume 100% probability of success (POS) of the first CVR payment which will be due upon treatment of the first patient in a Phase 1 trial. For CVR payments 2 and 3 which are due when the first patient is treated in a pivotal trial and upon first regulatory approval, respectively, we assign 10% POS.