Jefferies cuts PT on BioAge after obesity drug trial halted

BioAge Labs

09/12/2024 15:43

(Updates)
    ** Shares of drug developer BioAge Labs  BIOA.O  down 74.8%
to $5.05, lowest since its Nasdaq debut on Sept. 26 
    ** Brokerage Jefferies downgrades stock to "hold" from
"buy"; lowers PT to $7 from $42
    ** New PT represents a 65.2% downside to Friday's close of
$20.09
    ** Brokerage lowers PT on discontinuation of co's mid-stage
obesity drug trial due to liver safety concerns 
    ** Jefferies expects significant "stock drop"
    ** Brokerage also lowers co's drug pipeline value to $200
mln from $300 mln
    ** Including session's moves, stock has fallen ~73% since
its market debut

 (Reporting by Kamal Choudhury and Sneha S K in Bengaluru)
 ((Kamal.Choudhury@thomsonreuters.com;))