Stifel lowered the firm’s price target on Cue Biopharma to $4 from $8 and keeps a Buy rating on the shares following management’s pausing of CUE-101/102 development to emphasize an increased focus on autoimmune disease. The firm’s target price change mostly represents delayed CUE-101 commercialization timelines and revised non-dilutive and dilutive financing assumptions, partially offset by lower operating expense assumptions, the analyst tells investors.
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