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