Citi lowered the firm’s price target on Zenas BioPharma (ZBIO) to $43 from $46 and keeps a Buy rating on the shares after the company announced Phase 3 INDIGO results for obexelimab in IgG4-RD. A weaker hazard ratio than Uplizna’s has resulted in a selloff to levels below the firm’s “ultra-bear case” of $18 per share, which implies zero contribution for obex in IgG4-RD, the analyst says. The firm remains confident obexelimab will be approved and recommends investors seeking discounted opportunities at the outset of 2026 buy the stock, noting that its revised target reflects model adjustments based on increasing its view of the odds of success for obex in IgG4-RD to 80% from 60%, offset by slightly lower peak share estimates.
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