Your conjecture may be correct, but it sounds to me like you
are really 'stretching' for an explanation on the part of Maxim's actions, when clearly, imo, this was just a responsible thing for the analyst and the firm to do, even though we don't particularly like it.
The two share price targets you site, while encouraging at the time and hopefully prophetic of things to come, were offered by Maxim when the financing fundamentals and other dynamics were quite different than they are today.
In the world of regenerative medicine and emerging biotechs, OCAT may be the best thing since 'sliced bread' to come along these days, but they still aren't going anywhere into further clinicals without adequate, investor friendly financing, we hope.