Jones Trading Downgrades Gritstone bio (GRTS) to Hold

Jones Trading analyst Catherine Novak downgraded Gritstone bio (NASDAQ: GRTS) from Buy to Hold.

The analyst comments "What's new: Gritstone released additional interim Ph2 GRANITE data in MSS-CRC (press release). While PFS data were directionally positive, we did not see a significant benefit in the overall population, and we do not have confidence in topline results at this time. Data in a subpopulation with low disease burden indicate there could be utility in future studies in the adjuvant or neoadjuvant settings; however, given capital constraints we do not expect GRTS to run these studies. We would change our minds about the stock if : 1) GRTS secures sufficient cash to continue operating the program; and 2) GRANITE demonstrates continued PFS benefit in ctDNA-low patients. Until then, we are on the sidelines and awaiting future updates. Due to our lower confidence in GRTS' neoantigen vaccine programs, we are withdrawing our $5 PT at this time. Downgrading to HOLD from BUY."

For an analyst ratings summary and ratings history on Gritstone bio click here. For more ratings news on Gritstone bio click here.

Shares of Gritstone bio closed at $0.58 yesterday.

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