JMP Securities lowered the firm’s price target on Hookipa Pharma (HOOK) to $7 from $24 and keeps an Outperform rating on the shares. Hookipa announced Wednesday that it will reduce its workforce by about 80% starting this quarter and pause the eseba-vec cancer vaccine program in HPV16+ head-and-neck cancer, including an early termination of the Phase 1/2, not due to efficacy or safety, looking instead to partner the program, the analyst tells investors in a research note. The firm has removed eseba-vec from its valuation.

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