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Benzinga
Benzinga
Business
Vandana Singh

Analysts Cuts Price Target On This Small Cap But Remain Bullish

Chardan Nasdaq SVB Leerink Leukemia
  • Chardan analyst Matthew Barcus lowered the price target on Vincerx Pharma Inc (NASDAQ:VINC) to $4 from $11 and kept a Buy rating on the shares. 
  • The company announced a strategic update to focus on its Phase Ib development of lead program VIP152 in double-hit diffuse large B-cell lymphoma and chronic lymphocytic leukemia.
  • It also implemented a 33% workforce reduction and other cost reduction measures due to "unprecedented market conditions."
  • The analyst updated his model to reflect a narrower development strategy for VIP152, where the pursuit of the program in solid tumors has been removed. 
  • Barcus also anticipates a longer development timeline as he shifts a potential launch of the program into 2026 from 2024.
  • B. Riley Securities also maintained their Buy rating on the company with a price target lowered from $12 to $6.
  • SVB Leerink too cut its price target from $19 to $6, with an Outperform.
  • Price Action: VINC shares are up 10.40% at $2.02 during the market session on the last check Tuesday.
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