Oppenheimer lowered the firm’s price target on Medicenna Therapeutics to $3 from $8 and keeps an Outperform rating on the shares after the company held a call to discuss the dose escalation portion of the ABILITY trial. The analyst has “no doubts MDNA11 is active,” but would hoped to see more objective responses. The firm says the market does not value IL-2 or immunotherapies in general. It dropped the price target to reflect a narrower opportunity and higher risk premium in the current market.
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