Aridis Pharmaceuticals price target lowered to $2 from $10 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Aridis Pharmaceuticals to $2 from $10 and keeps a Buy rating on the shares. The company’s near-term challenge is funding a Phase 3 trial, with the AR-301 program “clearly on the FDA’s radar as an important potential new antibacterial treatment, ” the analyst tells investors in a research note. The firm believes Aridis has a “significantly de-risked asset that could attract non-dilutive financing.”