LIFE - aTyr Pharma stock dips after Piper Sandler cuts price target on lung disease drug approval timeline

aTyr Pharma (NASDAQ:LIFE) stock fell ~3% after Piper Sandler lowered its target on the company's shares to $11 from $19. Piper Sandler analyst maintained an Overweight rating on the stock after aTyr presented data from a phase 1b/2a trial of efzofitimod in pulmonary sarcoidosis (PS) — a rare disease characterized by small inflammatory lumps called granulomas in the lungs — at the American Thoracic Society (ATS) 2022 International Conference in San Francisco. The analyst pushed out approval of efzofitimod by one year to reflect the 12-month late-stage study, dubbed EFZO-FIT, of efzofitimod to treat patients with PS. The company said in a May 17 press release that the phase 1b/2a trial showed dose-dependent improvements in key physiologic and quality of life measures in context of a steroid taper. "Based on these findings, we are advancing efzofitimod to a pivotal Phase 3 study, which we expect to initiate in the third quarter of this year," said

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aTyr Pharma stock dips after Piper Sandler cuts price target on lung disease drug approval timeline