Shinhan Securities cut Alteogen’s target price to 520,000 Korean won from 540,000 won after Novartis’s del-desiran failed to significantly improve video hand-opening time in the Phase III HARBOR trial for myotonic dystrophy type 1, or DM1. The failure reduced the brokerage’s expected Novartis antibody-oligonucleotide conjugate, or AOC, candidates for Alteogen’s subcutaneous formulation-conversion technology from three to two. Shinhan retained its Buy rating and sector top-pick designation, while saying the technology-transfer agreement, valued at up to 4.416 trillion won, remains intact with no expected repayment, reduction or modification of upfront payments or other terms.