Repare Therapeutics price target lowered to $3 from $4 at Stifel

Stifel lowered the firm’s price target on Repare Therapeutics (RPTX) to $3 from $4 after the company announced a re-alignment of resources and a re-prioritization of its clinical portfolio to focus on the continued advancement of its Phase 1 clinical programs, RP-1664 and RP-3467, and also announced its intention to seek partnering opportunities across its portfolio, including for lunresertib and camonsertib, prior to any start of pivotal development. While the firm maintains a Buy rating, it notes its stock call is “influenced by both valuation and optimism for RP-3467,” adding that it views the setup as “high risk” and believes failure to drive support for RP-3467 or RP-1664 could “heighten funding risk.”