UPDATE: Molecular Templates (MTEM) PT Raised to $20 at Jefferies, Following Clinical Business Update

(Updated to correct investment bank name, previously reported as Ladenburg. News update, share price reaction added.)

Jefferies analyst Roger Song raised the price target on Molecular Templates (NASDAQ: MTEM) to $20.00 (from $18.00) while maintaining a Buy rating.

As a reminder, Molecular Templates (NASDAQ: MTEM) announced development pipeline reorganization earlier today: "following discussion with its co-development partner Takeda, MTEM will assume full rights to TAK-169 including taking control of clinical development from Takeda. In addition, MTEM announced the decision to discontinue development of MT-3724, MTEM’s only first-generation ETB. MTEM will focus on the clinical development of next-generation ETBs MT-5111, TAK-169, and MT-6402, as well as advancing next-generation preclinical ETB candidates against targets including CTLA-4, CD20, SLAMF-7 and CD45."

Shares of Molecular Templates (NASDAQ: MTEM) trade down about -25% in afternoon trading in response to clinical business update released earlier.

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