HCW Biologics price target lowered to split-adjusted $35 from $120 at Maxim

Maxim lowered the firm’s price target on HCW Biologics (HCWB) to $35 from $120 but keeps a Buy rating on the shares. The firm cites the company’s Q1 results and equity raise in adjusting its price target but also notes that HCW has made considerable progress in shoring up its balance sheet and advancing its pipeline following a challenging legal issue and arbitration, the analyst tells investors in a research note. The company should now have the capital to advance its pipeline and drive a turnaround in share value, Maxim added.