BofA lowered the firm’s price target on Caribou Biosciences (CRBU) to $9 from $11 and keeps a Buy rating on the shares after Caribou announced a strategic reprioritization to focus on oncology programs for CB010 in large B cell lymphoma and CB-011 in multiple myeloma along with a workforce and cost reduction. The firm updated its model to remove the contribution from CB-012, increase the probability of success for CB-010, and push out launch timings for both lead assets, the analyst tells investors.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CRBU:
- Strategic Refocus and Upcoming Catalysts Support Buy Rating for Caribou Biosciences
- Caribou Biosciences price target lowered to $3 from $9 at H.C. Wainwright
- Strategic Restructuring and Focus on Oncology Drive Buy Rating for Caribou Biosciences
- Caribou reduces workforce by 32%, discontinues GALLOP and AMpLify trials
- Analysts Remain Bullish on Caribou Biosciences (CRBU) Despite Ongoing Slump in its Shares