Jefferies analyst Maury Raycroft downgraded Kezar Life Sciences (KZR) to Hold from Buy with a price target of $7, down from $18. The company announced it could not align with the FDA on a registrational path for zetomipzomib in autoimmune hepatitis, leading to a formal process to explore strategic alternatives, the analyst tells investors in a research note. The firm lowered the probability of sucess of zetomipzomib to 10% from 25% and downgraded the shares.
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