Lack Of Clarity On Lead ProgramAbsent a clear timeline to translation of a lead program, the analyst maintains a Market Perform rating and sees shares as fairly valued at current levels.
Market ValuationThe stock is currently trading at a substantial discount to its cash position, which is viewed as fair value, consistent with other biotech companies with similar uncertainties.
Pipeline And Target UncertaintiesAnalyst remains on the sidelines until there is greater clarity on the target and indications of interest.