Stifel lowered the firm’s price target on Zentalis to $46 from $55 and keeps a Buy rating on the shares after updating the firm’s valuation to better align with the enhanced focus of azenosertib’s development in ovarian cancer. The firm thinks "reasonable" market penetration and odds of success assumptions for the two ovarian cancer opportunities alone "suggest nearly a double" for Zentalis, the analyst tells investors. Stifel now models three distinct approval opportunities and forecasts peak, risk-adjusted U.S. azenosertib sales of about $500M.
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