Greenwich LifeSciences price target lowered to $38 from $78 at H.C. Wainwright

H.C. Wainwright analyst Yi Chen lowered the firm’s price target on Greenwich LifeSciences to $38 from $78 and keeps a Buy rating on the shares after the company filed its report of its 2022 financial results, including a Q4 net loss of $2.8M, or (22c) per share. The Phase 3 FLAMINGO-01 trial evaluating GLSI-100 in HER2/neu positive breast cancer patients who have residual disease or high-risk pathologic complete response at surgery has expanded the enrollment sites to 23 in the U.S. and based on talks with management the firm believes that additional clinical sites are slated to be added in the U.S. and Europe in the coming months, so it believes the company’s operating expenses could gradually increase going forward and the company may raise additional capital, the analyst tells investors.