ELYM - SVB Leerink cuts PT on Eliem Therapeutics reaffirms Outperform rating

• SVB Leerink on Monday cut its price target on Eliem Therapeutics ( NASDAQ: ELYM ) to $9 from $13.
• The new PT - based on an SOTP analysis that forecasts cash flows into early 2040s, with 11% discount rate - implies potential upside of 142.6% to ELYM's last close.
• The brokerage reiterated its Outperform rating, in-line with sell-side rating of Strong Buy .
• "Given the decreased bioavailability of ETX-155 observed in the phase 1b interim data readout in photosensitive epilepsy, we lowered our POS for all ETX-155 programs, which resulted in our PT moving to $9," analyst Marc Goodman wrote in a note to clients.
• "We still expect data from ETX-810 in lumbosacral radicular pain in Q3, although expectations are low after the failed phase 2 study in diabetic peripheral neuropathy," he added.
• ELYM stock, which fell as much as 5.4% on Monday, has declined 67.3% YTD.

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