As previously reported, Wedbush analyst David Nierengarten downgraded Generation Bio (GBIO) to Neutral from Outperform with a $7 price target The firm notes the company reported earnings and announced a strategic restructuring, including a 90% reduction in workforce to be completed at the end of October. The company will maintain its core R&D capabilities during the initial phase of restructuring, including lead siRNAs targeting LAT1 and VAV1, and a ctLNP delivery system targeted toward T cells. Based on the indefinite postponement of lead candidate selection and development plans, Wedbush is moving to the sidelines as the company seeks strategic alternatives.
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