Leerink analyst Mani Foroohar lowered the firm’s price target on Lexeo Therapeutics (LXEO) to $18 from $20 and keeps an Outperform rating on the shares. The firm notes the company announced a secondary offering and concurrent private placement with gross proceeds of $135M, alongside additional LX2020 PKP2 data. Leerink says that shoring up the balance sheet ahead of pivotal FACM trial initiation and additional PKP2 data makes sense to the firm, and keeps the focus on Lexeo’s data rather than any balance sheet overhang.
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