UPDATE: Citigroup Reiterates Buy Rating, Lowers PT on Epizyme Awaiting Further Clarity

In a report published Friday, Citigroup analyst Jonathan Eckard reiterated a Buy rating on Epizyme EPZM, but lowered the price target from $42.00 to $32.00. In the report, Citigroup noted, “We remain supportive of EPZM, while understanding of the initial stock reaction to early data from the P1 trial of their lead epigenetic drug, EPZ-5676, based on previously high expectations. Our assessment of the data is that it's too early to form any conclusions; however, until further clarity on additional optimization is available, we are trimming our sales projections based on today's results. We maintain our Buy rating on EPZM and are lowering our TP to $32 from $42.” Epizyme closed on Thursday at $22.96.