HGEN - Humanigen hits 52-week low as Cantor cuts target to $2 on setback for COVID therapy
- The shares of Humanigen ( NASDAQ: HGEN ) fell ~80% to reach a 52-week low on Wednesday after the clinical-stage biotech announced that its experimental therapy Lenzilumab failed in a trial involving hospitalized COVID-19 patients.
- Removing the COVID sales for Lenzilumab from its model for Humanigen ( HGEN ), Cantor Fitzgerald has slashed the price target on the Short Hills, New Jersey company to $2 from $30.
- The analyst Louise Chen cites uncertainty over near-term revenue opportunities and potential catalysts as she downgrades the stock to Neutral from Overweight.
- Noting the ongoing studies for Lenzilumab and its potential in reducing the impact of cytokine release syndrome, the analyst wrote: “We still see value to be unlocked for HGEN, but we are moving to the sidelines for now until the pipeline matures.”
- Wall Street has remained bullish on Humanigen ( HGEN )stock, with an average rating of Buy from analysts while Seeking Alpha's quant system, which consistently beats the market , indicated HGEN as a Hold.
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Humanigen hits 52-week low as Cantor cuts target to $2 on setback for COVID therapy