IN8bio Inc. (INAB) PT Lowered to $2 at Mizuho

Mizuho analyst Uy Ear lowered the price target on IN8bio Inc. (NASDAQ: INAB) to $2.00 (from $8.00) while maintaining a Outperform rating.

The analyst commented: "We update our model for 3Q24 results and the restructuring/pipeline reprioritization to focus development on INB-100 for AML and suspend the GBM program (INB-200/-400). IN8bio also raised $12.4M ($11.6M net) from a private placement in October, increasing the cash runway into 1Q26. We are lowering our PT from $8 to $2 due to the removal of our forecast for GBM and financing dilution. We maintain OP, believing INB-100's potential is underappreciated and expecting interest to grow as IN8bio presents longer follow-up data — the next update expected at December's ASH — and adds a control cohort receiving only standard haplotransplantation (1H25 data). At November's SNO, IN8bio will present Phase 1 INB-200 GBM data in a hard-to-get oral plenary session that should help telegraph the importance of its gamma-delta T approach in difficult-to-treat GBM to potential partnership, which could bring in non-dilutive capital and is a free option to our model.'

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