UPDATE: H.C. Wainwright Starts Liminal BioSciences, Inc. (LMNL) at Buy
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H.C. Wainwright analyst Edwin Zhang initiates coverage on Liminal BioSciences, Inc. (NASDAQ: LMNL) with a Buy rating and a price target of $11.00.
The analyst comments "Last month, Liminal announced its strategic plan to re-focus on the small molecule business and prioritize its core research capabilities in the emerging pipeline of small molecules. Considering its financial position and cash burn associated with the plasma business, the company has decided to divest its plasma-derived therapeutics business in whole or in part, or close its Ryplazim related operations. The plasma business is a cost center to the company, comprising a large portion of its current operating expense. This strategic change will allow the company to minimize cash burn and become more capital efficient. With its resources redirecting to the development of small molecule programs, we believe the lead asset fezagepras and other small molecule drug candidates could advance more quickly. The company plans to initiate IPF trials with fezagepras later this year. We believe this strategic move is sound and reasonable. By targeting the more lucrative IPF and other indications with clear regulatory pathways, we are hopeful that Liminal can turn the business around in the next 12-18 months."
Shares of Liminal BioSciences, Inc. closed at $5.74 yesterday.
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