UPDATE: Raymond James Downgrades NexImmune Inc (NEXI) to Market Perform

Raymond James analyst Timur Ivannikov downgraded NexImmune Inc (NASDAQ: NEXI) from Outperform to Market Perform.

The analyst comments "We are downgrading NEXI to Market Perform as a result of strategic program re-alignment and need to see additional data from the AIM INJ platform in order to get more constructive. NexImmune is pausing enrollment in adoptive cell therapy (ACT) studies and seeking external partnerships for NEXI-001 and NEXI-003. According to management, the realignment decision is not based on the latest data from the NEXI-001 study in RR AML, but rather the need to move the more efficient and promising technology forward. NEXI-001 study in RR AML is quite resource intensive with screening and recruiting of patients in late line setting in addition to lymphodepletion and allogeneic cell processing. In contrast, nanoparticles (nps) generated by the injectable platform (AIM INJ) are expected to interact with patient’s immune cells in vivo without the need for ex vivo priming. That said, we would need to see more information about the injectable particles being able to produce sufficient immune system activation in oncology or deactivation in autoimmune applications. Overall, we think AIM INJ platform is most similar to immunotherapeutic vaccines and are not including any AIM INJ specific indications in our model at this time."

For an analyst ratings summary and ratings history on NexImmune Inc click here. For more ratings news on NexImmune Inc click here.

Shares of NexImmune Inc closed at $0.47 yesterday.

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