Zenas BioPharma price target lowered to $35 from $40 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Zenas BioPharma (ZBIO) to $35 from $40 and keeps an Overweight rating on the shares. The firm updated its model following Zenas’ recent announcement to not progress obexelimab to Phase 3 for warm autoimmune hemolytic anemia, but argues that current levels are “un-demanding” as Zenas heads towards data in 2025 that will address obexelimab’s competitive potential.