Piper Sandler analyst Joseph Catanzaro downgraded Aadi Bioscience to Neutral from Overweight with a price target of $1.75, down from $5, after the company announced the discontinuation of nab-sirolimus’ tumor agnostic and registration-directed PRECISION1 study. There still remains the commercial Fyarro business, with a strategic review now ongoing on how to realize maximum potential value there, but this business “has largely reached a steady state,” the analyst tells investors in a research note.
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