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- Chardan analyst Matthew Barcus lowered the price target on Vincerx Pharma Inc VINC to $4 from $11 and kept a Buy rating on the shares.
- The company announced a strategic update to focus on its Phase Ib development of lead program VIP152 in double-hit diffuse large B-cell lymphoma and chronic lymphocytic leukemia.
- It also implemented a 33% workforce reduction and other cost reduction measures due to "unprecedented market conditions."
- The analyst updated his model to reflect a narrower development strategy for VIP152, where the pursuit of the program in solid tumors has been removed.
- Barcus also anticipates a longer development timeline as he shifts a potential launch of the program into 2026 from 2024.
- B. Riley Securities also maintained their Buy rating on the company with a price target lowered from $12 to $6.
- SVB Leerink too cut its price target from $19 to $6, with an Outperform.
- Price Action: VINC shares are up 10.40% at $2.02 during the market session on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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