Lyell Immunopharma price target lowered to 60c from $1 at BofA

BofA lowered the firm’s price target on Lyell Immunopharma (LYEL) to 60c from $1 and keeps an Underperform rating on the shares. The firm said on Friday that Lyell provided a business update that notably included plans to accelerate new hemetology/oncology program IMPT-314 and discontinue next-gen, early-stage, solid tumor CAR-T LYL119. It’s challenging to know what to make of the news, which given the timing raises more questions than answers for the firm, argues BofA.