As previously reported, Truist analyst Robyn Karnauskas downgraded Fate Therapeutics to Hold from Buy with a price target of $7, down from $46, after the company’s announcement on discontinuation of key programs and termination of Janssen collaboration. The "focus on next-gen" is a smart move and extension of cash runway to 2025 is a positive, but she prefers to be on the sidelines in the near term ahead of greater clarity on Fate Therapaeutics’ strategy and FDA feedback on how to move forward, along with the timelines for data readouts from next-gen assets, Karnauskas tells investors in a research note.
Published first on TheFly
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