BofA lowered the firm’s price target on Lyell Immunopharma to $6 from $9 and keeps a Buy rating on the shares. A patient death weighed on Lyell’s Phase 1 trial update for LYL797, though there were encouraging efficacy signals, the analyst tells investors in a research note. These issues were not unexpected given the class, but BofA recognizes the news adds uncertainty over the program, and thinks it is “when” and not “if” administration protocols are improved.
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