B. Riley lowered the firm’s price target on X4 Pharmaceuticals to $3 from $7 and keeps a Buy rating on the shares. The analyst cites the company’s recent financing for the target drop. Amid a challenging macro backdrop for small-cap equities, X4 remains a "show-me story," with investors taking a wait-and-watch approach to management execution on key 2023 milestones translating into increased visibility into revenue trajectory and ensuing balance sheet strength, the analyst tells investors in a research note.
Published first on TheFly
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