SQZ Biotechnologies price target lowered to $4 from $16 at Chardan

Chardan analyst Geulah Livshits lowered the firm’s price target on SQZ Biotechnologies to $4 from $16 and keeps a Buy rating on the shares after the company announced a strategic reprioritization that will see it prioritize the eAPC program and pause further development of its two other clinical HPV cancer vaccine programs and its novel preclinical TAC tolerizing program for celiac disease. In addition, Dr. Armon Sharei is stepping as CEO and the company expects to reduce its workforce by about 60% in an effort to preserve cash and extend its runway into 2024. Though the prioritization of the eAPC platform may indicate the board sees early data from the platform as being positive, it also means a longer wait for meaningful checkpoint combo data, said Livshits.