G1 Therapeutics price target lowered to $6 from $12 at Needham

Needham analyst Gil Blum lowered the firm’s price target on G1 Therapeutics to $6 from $12 and keeps a Buy rating on the shares. The analyst cites the company’s announcement that Trilaciclib in combination with gemcitabine + carboplatin, or GC, failed to demonstrate a significant overall survival benefit over GC alone, stating that G1 does not intend to invest further in development of trila outside Small Cell Lung Cancer – SCLC – and will focus its resources on commercial execution. The firm is adjusting its model as it estimates peak sales in SCLC at $331M in 2032 while reducing its assumed probability of success in the U.S. to 70% from 90%.