Stifel analyst Benjamin Burnett lowered the firm’s price target on Precision BioSciences to $7 from $9 and keeps a Buy rating on the shares after the company provided a Q4 update and conveyed expectations for an update on CD19 CAR T programs in the April/May timeframe. The firm thinks management is upbeat on this program, but that market skepticism is acutely high following lackluster data from allogeneic CAR T programs broadly relative to approved products in CAR T-naive patients. Stifel is likewise hesitant given that the bar may be evolving in the post CAR T setting, which is where azer-cel clinical development is focused. The firm thinks the stock is currently pricing in a lot of this skepticism already and views the risk/reward into future CAR T updates as favorable.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on DTIL:
