Eikon Therapeutics price target lowered to $5 from $7 at Wedbush

Wedbush lowered the firm’s price target on Eikon Therapeutics (EIKN) to $5 from $7 and keeps an Underperform rating on the shares after the company reported first quarter financials and provided pipeline updates ahead of multiple presentations at ASCO. EIK1001 continues to be evaluated across Phase 2/3 studies in first line melanoma and first line NSCLC. Eikon will present updated data from the Phase 2 study TeLuRide-005, investigating EIK1001 plus pembrolizumab and chemotherapy versus pembro/chemo alone in first line NSCLC; Eikon plans on sharing full interim data from the nonsquamous cohort, as well as initial data from squamous patients.