Stifel analyst Stephen Willey lowered the price target on Vor Biopharma, Inc. (NASDAQ: VOR) to $40.00 (from $55.00) while maintaining a Buy rating.

The analyst comments "Management continues to enroll patients in the global P3 UPSTREAM MG trial (telitacicept vs. placebo in gMG) and guide to a 1H27 topline data disclosure. While there remains debate re: the translatability of P3 China data demonstrating a best-in-class, telitacicept-mediated effect size on the backdrop of a lower-than-expected placebo response (vs. contemporary global P3 trials), we believe the first-in-class mechanism addressing IgA/IgM-driven pathology and OLE data demonstrating continued depth of response through 48 weeks of treatment (unlike FcRn- and complement inhibitor-based OLE data) should establish clear competitive differentiation in a disease setting where patients are likely to cycle through various treatment modalities. Initiation of enrollment/dosing in the P3 UPSTREAM SjD trial (telitacicept vs. placebo in SjD) highlights the longer-term optionality in a significantly larger, less competitive, and still underappreciated market opportunity. Reduced target price primarily reflects revised financing assumptions stemming from > $330M of equity capital raised in <5 months (runway now into early-FY29)."