Precision BioSciences price target lowered to $5 from $17 at H.C. Wainwright

H.C. Wainwright analyst Patrick Trucchio lowered the firm’s price target on Precision BioSciences to $5 from $17 and keeps a Buy rating on the shares. Precision announced Thursday that it is seeking a partner for its cell therapy assets, while advancing its gene editing pipeline, the analyst tells investors in a research note. While there is potential significant value creation from the partnering discussions and gene editing assets may emerge, the price target reduction primarily reflects near-term uncertainty tied to the development path for the cell therapy assets, the firm says.