Citizens JMP lowered the firm’s price target on PolyPid (PYPD) to $14 from $16 and keeps an Outperform rating on the shares after the company announced that it anticipates gross proceeds of $26.7M from the exercise of 7.6M existing warrants that have been re-priced to a $3.50 exercise price and that it will issue another 7.6M warrants at $4.50. The firm’s confidence is bolstered in the potential for D-PLEX100 to get to market following the warrant exercise, the analyst tells investors in a research note.
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