Guggenheim analyst Michael Schmidt lowered the firm’s price target on Zentalis (ZNTL) to $8 from $12 and keeps a Buy rating on the shares after the company announced executive leadership changes, including the appointment of Julie Eastland as new CEO to replace Kimberly Blackwell. Eastland marks the third CEO since Zentalis’ IPO in 2020 and follows a volatile 2024, says the analyst, who firmly acknowledges the increased development risks of azenosertib and the increasingly competitive landscape in platinum-resistant ovarian cancer. However, the firm thinks the current valuation already reflects zero value for the asset heading into the planned data and program update that is now guided for January, the analyst tells investors.
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