The reiteration of a Buy rating suggests a positive outlook on PDS Biotechnology by B. Riley Securities, indicating confidence in the company's fundamentals or growth prospects. However, the reduction in the price target from $14 to $11 could reflect adjustments in valuation models, possibly due to revised earnings forecasts or market conditions. This mixed signal might lead to short-term uncertainty among investors, potentially causing minor fluctuations in the stock price but likely maintaining overall investor interest due to the maintained Buy rating.