Citi downgraded Schrodinger (SDGR) to Neutral from Buy with a price target of $20, down from $35. The firm cites the recent developments in the company’s internally developed drug pipeline as well as continued headwinds facing the biotech and pharma industries, the analyst tells investors in a research note. Citi adds that its positive stance was largely based on the three shots on goal the company had in its early stage Phase 1 assets to highlight how its drug development platform could discover novel targets that biopharma partners would be interested in, but to date, Schrodinger’s recent updates have fallen short, raising concerns on the potential of the company’s proprietary drug portfolio efforts.
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