Baird lowered the firm’s price target on Tracon Pharmaceuticals to $3 from $7 and keeps an Outperform rating on the shares. The firm is looking forward to clinical data details later this quarter as part of the second interim analysis of the ENVASARC trial of envafolimab for certain rare sarcomas (UPS and MFS). This should be the most meaningful interim look at trial data, and they see the potential for upside if the results help give confidence in the final results that are expected in mid-2024.
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