Stifel analyst Stephen Willey trimmed his price target on NewLink Genetics (NLNK) to $25 from $29 to reflect incremental dilution from its recent equity fundraising and forecast for increased operating expenses given that the company will soon initiate its pivotal Phase 3 melanoma trial. The analyst, who expects NewLink shares to remain sensitive to near-term data points on the IDO inhibitor front from Bristol-Myers (BMY) and the partnership of Incyte (INCY) and Merck (MRK), keeps a Buy rating on NewLink shares.

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