RBC Capital analyst Kennan MacKay lowered the price target on aTyr Pharma (NASDAQ: LIFE) to $16.00 (from $19.00) while maintaining a Outperform rating.

The analyst comments "From LIFE’s YE call, Early Access Program demand underscores the enthusiasm across sites as the ph.III EFZO-FIT pulmonary sarcoidosis (PS) enrollment targets a 2Q completion, a key milestone for pivotal data next year. Ph.II EFZO-CONNECT program in scleroderma-ILD is ongoing, enrolling a 25-patient target across U.S. sites, with a company update coming later in 2024. We had a chance to catch up with mgmt for added color. We remain encouraged by LIFE's initiatives to build on Efzo’s awareness and value proposition. Execution and ~$100M in cash (to service the strategy through a potential PS BLA) put LIFE in a position of strength ahead of an important 2025. On quarterly model updates, we tweak our price target to $16 (from $19) and maintain our Outperform, Speculative Risk rating."