JMP Securities analyst Reni Benjamin lowered the firm’s price target on Cue Biopharma to $2 from $15 and keeps an Outperform rating on the shares. Cue announced a strategic reprioritization of resources to focus all resources of the company on developing assets targeting autoimmune disease, and JMP is eliminating CUE-101 from its valuation, the analyst tells investors in a research note. The firm thinks Cue could be an interesting turnaround story given the early preclinical data generated to date with a partnership with Ono Pharmaceuticals in the autoimmune space for CUE-401, a strategic reallocation of resources, and a cash position of $31M pro forma.
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