Jefferies lowered the firm’s price target on Arbutus Biopharma (ABUS) to $5.50 from $7 and keeps a Buy rating on the shares. The key question post the Moderna (MRNA) settlement was the probability Moderna wins the ‘1498 appeal, which would impact the $1.3B payment, the analyst stated. While initially at 25% odds that Moderna wins, the firm changed its view of the probability to 75% Moderna wins, driving its reduced price target for Arbutus.
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