Chardan lowered the firm’s price target on Sonnet BioTherapeutics to $17 from $22 and keeps a Buy rating on the shares after the company reported updated safety and efficacy data from the SB101 study of its lead drug candidate SON-1010 in patients with advanced solid tumors. SON-1010 was noted to be safe and tolerable at all doses tested and in terms of efficacy, the company reported potential clinical benefit in 36% of patients at four months follow-up, the analyst tells investors in a research note. The reduced price target reflects a higher projected future share count as modeled future capital raises are expected to be more dilutive due to the decline in share price over the last several month, says the firm.
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