Barclays lowered the firm’s price target on Orchestra BioMed (OBIO) to $12 from $16 and keeps an Overweight rating on the shares. The firm increased its loss estimates through 2027 to reflect the company’s increased research and development spend over the next three years, with easing spending in the subsequent three years. The analyst cites lower group multiples, rather than concerns in the underlying business, for the target cut.
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