BofA/Merrill downgraded Seres Therapeutics to Underperform from Neutral and cut its price target to $6 from $13. Analyst Tazeen Ahmad said management has not provided a timeline yet for the ECOSPOR III study of ‘109 and pushed out his expected launch date to 2021 from 2020. Ahmad believes Seres’ microbiome-based pipeline could yield new treatment options for many diseases but notes the landscape is becoming increasingly competitive.
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