UPDATE: Ladenburg Thalmann Downgrades Calithera Biosciences (CALA) to Neutral

Ladenburg Thalmann analyst Aydin Huseynov downgraded Calithera Biosciences (NASDAQ: CALA) from Buy to Neutral.

The analyst comments "We downgrade CALA to Neutral as the company announced a "slower than anticipated enrollment" in both of the programs, mivavotinib and sapanisertib. CALA now expects the initial data in both programs in mid-2023, which we still think is an over-optimistic scenario. In the meantime, CALA continues to burn about $8-9M per quarter, and the current cash balance is about $34M. Our concern is that there won't be a meaningful set of data prior to 2Q23, which would restrict CALA from any potential partnership, collaboration, or equity raise activity."

For an analyst ratings summary and ratings history on Calithera Biosciences click here. For more ratings news on Calithera Biosciences click here.

Shares of Calithera Biosciences closed at $2.82 yesterday.

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