Selecta Biosciences (SELB) PT Lowered to $5 at Needham & Company
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Needham & Company analyst Gil Blum lowered the price target on Selecta Biosciences (NASDAQ: SELB) to $5.00 (from $6.00) while maintaining a Buy rating.
The analyst commented, "Selecta reported an extension for its option agreement with Sarepta to 1Q:23 for use of ImmTOR in Duchenne Muscular Dystrophy (DMD) and certain Limb-Girdle Muscular Dystrophies (LGMD) programs. The extension triggers a $2M payment from Sarepta. An additional $4M payment is contingent on meeting certain preclinical milestones by Sarepta. DISSOLVE II in chronic refractory gout is on track to complete enrollment by 2Q. The company is eligible to receive $10M milestone payment upon completion of enrollment. Joint topline data for DISSOLVE I and II remain on track for 1Q:23. Selecta now expects to start SEL-302 Phase I study in methylmalonic acidemia (MMA) in 4Q:22 (previously 2H:22). We maintain our Buy rating but decrease our Target to $5 from $6 for (1) slightly lowered near term revenues and (2) changing interest rate environment."
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