Wells Fargo lowered the firm’s price target on Kezar Life Sciences (KZR) to $5 from $7 and keeps an Equal Weight rating on the shares. The firm notes management reported it was unable to align with the FDA on a Phase 3 for zetomipzomib in autoimmune hepatitis, effectively killing the program. Wells thinks there could be upside if they return cash to shareholders or in a reverse merger scenario and why shares are trading up +45% post market.
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