Wells Fargo analyst Yanan Zhu lowered the firm’s price target on Affimed (AFMD) to $11 from $15 and keeps an Overweight rating on the shares. The firm notes updated NSCLC data continues to meet the minimum bar set by Wells’ key opinion leaders, though the company is going after a higher dose for further differentiation. The firm thinks the strategy makes sense but does note the 1-1.5 year delay and uncertainty in source of funding.
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