ORTX - Orchard Therapeutics draws a lower price target at Cantor on delayed milestones

Ole Schwander/iStock via Getty Images Orchard Therapeutics ([[ORTX]] -2.3%) is trading lower for the second straight session today after the company issued an update on the progress of its lead gene therapy programs. In reaction, Cantor Fitzgerald analyst Emma Nealon has lowered the price target of the stock by ~29.4% to $12.00 per share implying a premium of ~166.7% to the last close. Referring to the update yesterday, the firm points to delays in clinical programs in particular the submission for marketing approval in the U.S. for Libmeldy (OTL-200) in metachromatic leukodystrophy ((MLD)). With a slower path for regulatory submission now expected in late 2022 or early 2023, the analyst has pushed back the potential market launch of Libmeldy to 2024 from 2023. “We do not think this update removes all regulatory uncertainty as investors had hoped, but even with these changes to launch timelines, we still see significant upside from

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Orchard Therapeutics draws a lower price target at Cantor on delayed milestones