H.C. Wainwright adjusted the firm’s price target on Vor Bio (VOR) to $55 from $3 and keeps a Buy rating on the shares, telling investors that its price target increase is driven primarily by the much lower diluted share count following the 1-for-20 reverse stock split that took effect in Q3. The firm believes the data from the Phase 3 study with telitacicept as a therapy for primary Sjogren’s disease conducted in China is “encouraging” and not only de-risks the drug, which is being evaluated in an ongoing U.S. Phase 3 study as a therapy for generalized myasthenia gravis, but also provides Vor with “another shot on goal,” the analyst added.
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