UPDATE: Stifel Downgrades Silverback Therapeutics (SBTX) to Hold

Stifel analyst Stephen Willey downgraded Silverback Therapeutics (NASDAQ: SBTX) from Buy to Hold with a price target of $6.00 (from $32.00).

The analyst comments "anagement’s discontinuation of the SBT6050/SBT6290 (Her2-/Nectin-4-targeting ImmunoTACs) development programs – a decision predicated on limited single-agent SBT6050 anti-tumor activity observed to date and cytokine-related, dose-limiting toxicities which challenge the pursuit of IO-based combinations – represents a material change to our previously-stated investment thesis. We believe SBT8230 (ASGR1-targeting ImmunoTAC) still holds promise in HBV given preclinical data, prior clinical art supporting TLR8 agonism as a mechanism of interest, and the ability to avoid cytokine-related AEs through preferential uptake in the liver. However, additional visibility into the potential for this asset will take significant time to manifest (healthy volunteer dosing initiates 1H23). While incremental negativity is admittedly difficult here given both the zero success implied by current valuation (negative-175M EV fully-diluted) and revised 2H26 cash runway guidance, we struggle to see meaningful upside materializing over the next ~12 months. Updated target price (now $6) reflects our YE22 estimate of net cash per fully-diluted share."

For an analyst ratings summary and ratings history on Silverback Therapeutics click here. For more ratings news on Silverback Therapeutics click here.

Shares of Silverback Therapeutics closed at $3.51 yesterday.

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• Indigo Paints (INDIGOPN:IN) PT Raised to INR1,300 at ICICI Securities
• Freedom Broker Upgrades Lifeway Foods (LWAY) to Buy