Sol-Gel Technologies price target lowered to $7 from $9 at Raymond James

Raymond James analyst Gary Nachman lowered the firm’s price target on Sol-Gel Technologies to $7 from $9 and keeps a Strong Buy rating on the shares. Everything remains on track for SGT-610 to move into Phase 3 for Gorlin syndrome in late-2023, which is the key value driver for the company, the analyst tells investors in a research note. The headcount reduction is “unfortunate,” but is the right strategic decision to focus the company on SGT-610, the firm says.