Gossamer Bio price target lowered to $3 from $12 at Oppenheimer

Oppenheimer lowered the firm’s price target on Gossamer Bio (GOSS) to $3 from $12 and keeps an Outperform rating on the shares. The firm came away more positive on seralutinib/PAH, following a key opinion leader call with Jim White, who believes that seralutinib has a high likelihood of approval, underpinned by a differentiated inhaled PDGFR-targeting mechanism that directly addresses vascular remodeling, and a significant unmet need for additional well-tolerated options. Oppenheimer is reducing its price target to reflect near-term regulatory uncertainty, but is a buyer as it expects a meaningful re-rating as CT FRI substudy data, Week 48 results, and the June FDA interaction derisk seralutinib’s path.