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Zenas BioPharma assumed with an Overweight at Morgan Stanley

Morgan Stanley assumed coverage of Zenas BioPharma (ZBIO) with an Overweight rating with a price target of $31, down from $35. Upcoming readouts in 4Q25 the first half of 2026 could demonstrate the potential of inhibiting B cells in autoimmune conditions while building out the pipeline-in-a-product potential of obexelima, the analyst tells investors in a research note.

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