PhaseBio Pharmaceuticals Inc. (PHAS) PT Lowered to $16 at Needham & Company

Needham & Company analyst Chad Messer lowered the price target on PhaseBio Pharmaceuticals Inc. (NASDAQ: PHAS) to $16.00 (from $19.00) while maintaining a Buy rating.

The analyst commenetd, "In March, PhaseBio announced enrollment in the Phase III REVERSE-IT trial was running ahead of schedule, enrolling 61 of the 1st ~100 patients. The study remains on track to complete full enrollment in mid-'21 with a potential BLA filing in mid-'22 and early-'23 approval. Due to delays in the supply chain and COVID-19 affecting enrollment, the Phase IIb study of pemziviptadil in PAH is now expected to readout 1H:22 (from 2H:21). In March, PhaseBio raised $60.1M. We are lowering our price target to $16 to reflect the dilution."

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