Stifel analyst Mathew Blackman lowered the firm’s price target on Cerus to $3 from $6 and keeps a Buy rating on the shares after the company announced that the EU INTERCEPT Red Blood Cells review had concluded without an approval, citing the need for additional data. While stating that “there’s no denying this is a disappointing update,” and that the firm would expect the shares to trade-off on this news, the analyst tells investors that at the current valuation, the firm believes the roughly $1.00 per share in value it ascribed for the EU RBC program is “already discounted in the price.” While removing $1.00 per share value for the US RBC program, reflecting an increased risk profile, the firm is also contemplating a lower base business multiple, leading to its revised target.

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• Cerus provides updates on INTERCEPT red blood cell programs in U.S., Europe