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By Sam Boughedda — Shares of Avrobio Inc (NASDAQ:) are down 33% Tuesday after the company announced that it is shifting its portfolio priorities — deprioritizing the Fabry disease program — to focus on other clinical-stage programs and extending its cash runway into the first quarter of 2024.

Avrobio shares have declined over 81% in the past 12 months.

The company told investors it is deprioritizing the Fabry disease program because of new clinical data and an increasingly challenging market and regulatory environment for Fabry disease.

“Following steady progress in 2021, we have reset our corporate priorities and will extend our cash runway to strengthen our ability to deliver on the promise of our gene therapy programs,” said Geoff MacKay, president and CEO of Avrobio.

As a result of the move, Wedbush analyst David Nierengarten more than halved his price target on the stock to $14 from $30. However, the analyst continues to be bullish on the company, maintaining an outperform rating.

Nierengarten explained in a research note that Avrobio’s “programs in Pompe disease and Hunter syndrome are now expected to enter the clinic in 2023. As a result of shifting its pipeline priorities, AVRO now expects that its cash position is sufficient to fund operations into 1Q24.”

He added that despite removing Fabry from their valuation, Wedbush believes the “shares are significantly undervalued on the basis of its programs in Gaucher and Cystinosis.”

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