As previously reported, Wells Fargo downgraded Zentalis to Equal Weight from Overweight with a price target of $9, down from $29. Wells says it is throwing in the towel on Zentalis and moving to the sidelines after the FDA placed partial clinical holds on three azeno monotherapy studies. While the partial clinical hold may be resolved, the firm is less confident azeno is likely to be differentiated. Wells adds that it doesn’t see a reason to be Overweight shares even at these levels.
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