PolyPid price target lowered to $11 from $14 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on PolyPid (PYPD) to $11 from $14 and keeps a Buy rating on the shares after the company reported that following the independent Data Safety Monitoring Board review of unblinded efficacy data from the first 430 enrolled subjects in the SHIELD II Phase 3 trial of D-PLEX100 for prevention of surgical site infections the DSMB’s recommendation was to conclude the study upon enrollment of 800 patients. PolyPid also announced that it has entered into a private placement financing led by existing institutional shareholders for $14.5M in gross proceeds priced at $3.22 per share, notes the analyst, who cites the equity financing dilution for adjusting the firm’s price target