Maxim lowered the firm’s price target on Azitra (AZTR) to $4 from split-adjusted $13.32 and keeps a Buy rating on the shares. The firm is citing its expectations of dilution in cutting its price target as the company addresses capital needs to advance ATR-12 and ATR-04 forward in clinical development, the analyst tells investors in a research note. Maxim adds however that Azitra’s lead program ATR-12 in Netherton syndrome reported positive initial safety data in June, and if positive, its ongoing Phase 1 trial could be a key catalyst for shares.
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