Leerink Partners Downgrades Affimed Therapeutics (AFMD) to Market Perform
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Leerink Partners downgraded Affimed Therapeutics (NASDAQ: AFMD) from Outperform to Market Perform with a price target of $3.00 (from $8.00).
Analyst Michael Schmidt commented, "We are downgrading shares of AFMD to Market Perform, given that the company's two clinical stage product candidates are progressing only slowly, and we’re more cautious about the company’s ability to achieve rapid approvals while competition has been increasing. Lack of a strong strategic partner and a refocused development strategy for lead asset AFM13 increase development risk and timelines. In absence of meaningful catalysts near-term, we expect the stock to remain range-bound. Our new PT of ~$3 reflects reduced market assumptions and pushed-out timelines for AFMD’s product candidates. Our model has been updated for 2Q16 results, which AFMD ended with €58.6M in cash and equivalents which mgmt expects to fund operations over the next 18 months."
Shares of Affimed Therapeutics closed at $2.95 yesterday.
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