iKena Oncology price target lowered to $4 from $11 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on iKena Oncology to $4 from $11 and keeps a Buy rating on the shares. Ikena’s strategic update is overall a net positive, the analyst tells investors in a research note. The firm says the company announced a decision to discontinue development of IK-930, which was initially intended to be developed for epithelioid hemangioendothelioma and other hippo pathway altered tumors. While the decision was unexpected, this is not a failure of Ikena to create a novel TEAD targeting molecule, but one where the full potential of IK-930 can be realized through additional combination studies via a potential future partnership, says H.C. Wainwright.