Selected stock price target news of the day - September 18th, 2024

By: Matthew Otto

Micron Faces Price Target Cuts Amid Supply Concerns and Market Pressures

Micron Technology faced pressure following a price target reduction by Morgan Stanley analyst, Joseph Moore, who cited ongoing uncertainty surrounding the chip maker’s near-term prospects.

Moore also highlighted concerns regarding potential declines in Micron’s average selling prices for its memory chips in the coming quarters, noting that unless this trend reverses, the stock may continue to underperform. Moore lowered their price target from $140 to $100 while maintaining an Equal Weight rating.

BNP Paribas analyst, Karl Ackerman, also downgraded Micron earlier this month, lowering the price target to $67 from $140, citing an oversupply of high-bandwidth memory (HBM) chips.

In addition to the lowered price target, Micron’s has been affected by broader market conditions. This includes a shift away from large-cap tech toward smaller-cap companies and concerns over potential new U.S. export restrictions on chipmaking equipment to China.

Analyst Target Cuts Amid Market and Supply Concerns

UBS analyst Timothy Arcuri maintained a Buy rating but lowered the price target from $153 to $135.
Citigroup analyst Christopher Danely maintained a Buy rating, yet lowered the price target from $175 to $150.
Morgan Stanley analyst Joseph Moore kept an Equal-Weight rating and reduced the price target from $140 to $100.
Exane BNP Paribas analyst Karl Ackerman downgraded from Outperform to Underperform and the price target from $140 to $67.
Raymond James analyst Srini Pajjuri continued to rate as Outperform though lowered the price target from $160 to $125.

Which Analyst has the best track record to show on MU?

Analyst Brian Chin (STIFEL) currently has the highest performing score on MU with 7/10 (70%) price target fulfillment ratio. His price targets carry an average of $11.55 (7.53%) potential upside. Micron Technology stock price reaches these price targets on average within 30 days.

Capricor Secures $35 Million in Funding and Expands European Partnership with Nippon Shinyaku

Capricor Therapeutics has entered into a binding term sheet with Nippon Shinyaku Co., Ltd. for the commercialization and distribution of its lead asset, deramiocel, in Europe. Under the agreement, Nippon Shinyaku will invest $15 million in Capricor through the purchase of 2,798,507 shares of common stock at a price of $5.36 per share. This is representing a 20% premium to the 60-day volume-weighted average price (VWAP).

Capricor will receive a $20 million upfront payment, subject to the execution of a definitive agreement expected in Q4 2024. The total potential value of the partnership could reach $715 million in development and sales-based milestone payments, with Capricor also receiving a double-digit percentage of product revenue from future sales.The combined total of potential payments from all existing distribution agreements, including this one, now stands at approximately $1.5 billion.

Deramiocel, currently under development for treating Duchenne muscular dystrophy (DMD), is advancing through Phase 3 clinical trials, with Capricor preparing for discussions with the European Medicines Agency (EMA) regarding potential approval in Europe. The funds from Nippon Shinyaku will support the company’s commercial launch preparations, including manufacturing scale-up and product development for Europe, as well as general corporate purposes.

Analyst Rating Boosts Following European Expansion Deal

Oppenheimer analyst Leland Gershell maintained an Outperform rating and raised the price target from $14 to $15.
Maxim Group analyst Jason McCarthy reiterated a Buy rating and a $12 price target.
HC Wainwright & Co. analyst Joseph Pantginis reaffirmed a Buy rating and the price target at $40.

Which Analyst has the best track record to show on CAPR?

Analyst Joseph Pantginis (HC WAINWRIGHT) currently has the highest performing score on CAPR with 1/8 (12.5%) price target fulfillment ratio. His price targets carry an average of $35.28 (747.46%) potential upside. Capricor Therapeutics stock price reaches these price targets on average within 787 days.

Instil Bio and ImmuneOnco Announce Global Development Plans for SYN-2510/IMM2510 in NSCLC and TNBC

Instil Bio and ImmuneOnco Biopharmaceuticals have outlined their global registrational strategy for the PD-L1xVEGF bispecific antibody SYN-2510/IMM2510, targeting first-line non-small cell lung cancer (NSCLC) and triple-negative breast cancer (TNBC).

In China, ImmuneOnco plans to initiate a Phase 1b/2 clinical trial of SYN-2510/IMM2510 in combination with chemotherapy for first-line NSCLC by late 2024. This trial will focus on patients with both non-squamous and squamous subtypes of NSCLC. Additionally, a Phase 1b/2 study in first-line TNBC is anticipated to start in early 2025.

In the United States, Instil Bio aims to submit an Investigational New Drug (IND) application for SYN-2510 by the end of 2024. Following this, a Phase 2 trial of SYN-2510 monotherapy in second-line NSCLC is planned. Should preliminary results from these studies be positive, the companies may proceed with joint global randomized Phase 3 trials for both NSCLC and TNBC.

SYN-2510/IMM2510, a PD-L1xVEGF bispecific antibody, is designed to target multiple VEGF receptor ligands and employ enhanced antibody-dependent cellular cytotoxicity (ADCC) for tumor cell targeting. The clinical development of SYN-2510/IMM2510 is set to address unmet needs in the treatment of NSCLC and TNBC, with regulatory outcomes contingent on trial results.

Analysts Reaffirm Ratings Amid Global Development Strategy

HC Wainwright & Co. analyst Mitchell Kapoor reaffirmed a Buy rating and a price target of $120.
Baird analyst Jack Allen maintained an Outperform rating and a price target of $180.

Which Analyst has the best track record to show on TIL?

Analyst Mitchell Kapoor (HC WAINWRIGHT) currently has the highest performing score on TIL with 5/8 (62.5%) price target fulfillment ratio. His price targets carry an average of $-6.46 (-13.90%) potential downside. Instil Bio stock price reaches these price targets on average within 115 days.