BMO Capital Downgrades Graphite Bio Inc (GRPH) to Market Perform

BMO Capital analyst Kostas Biliouris downgraded Graphite Bio Inc (NASDAQ: GRPH) from Outperform to Market Perform with a price target of $7.00 (from $14.00).

The analyst comments "GPH101-driven pancytopenia in the first patient necessitated transfusions and growth factor administration, leading to trial pause. Although the exact cause of this SAE remains unclear, we believe it is attributed to the GPH101 manufacturing process rather than GPH101 MoA or off-target activity. However, this safety signal introduces additional risks in the platform and prolongs the development timeline by ~1+ year in a highly competitive space. We believe that Graphite's platform could still work but derisking it will be challenging and we expect significant pressure on GRPH. Downgrading to Market Perform."

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

Shares of Graphite Bio Inc closed at $3.06 yesterday.

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