Zentalis price target lowered to $29 from $50 at Wells Fargo

Wells Fargo lowered the firm’s price target on Zentalis to $29 from $50 and keeps an Overweight rating on the shares. The firm notes that the azeno update while good, doesn’t answer some outstanding questions among investors for the mono RP2D and timelines seemed to have been pushed. While Wells remains positive on azeno and the stock is cheap, it concedes catalysts are second half of 2024 weighted now.