Barinthus Biotherapeutics price target lowered to $6 from $7.50 at Alliance Global Partners

Alliance Global Partners lowered the firm’s price target on Barinthus Biotherapeutics (BRNS) to $6 from $7.50 and keeps a Buy rating on the shares. Despite good data in chronic hepatitis B patients, the company nonetheless decided to halt its own development of the candidate past Phase 2b, the analyst tells investors in a research note, adding that the company has already cut its workforce and is ramping down its U.K. site. The firm added that, with cash burn down slightly year-over-year, it expects a further decrease in R&D and G&A in 2025, and remains trading at less than half cash.