Roth Capital Downgrades GT Biopharma Inc. (GTBP) to Neutral
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Roth Capital analyst Tony Butler downgraded GT Biopharma Inc. (NASDAQ: GTBP) from Buy to Neutral with a price target of $3.00 (from $9.00).
The analyst comments "GT Biopharma provided a Q2 business update. GTBP develops tri- and tetraspecific NK cell engagers (TriKE, TetraKE) that are cytotoxic to a number of cancers. First-gen TriKEs showed efficacy signals against acute myeloid leukemia blasts. GTBP has shifted gears to develop second-gen TriKEs given the increased anti-cancer potency of these molecules, which we have characterized in a number of prior notes. We had expected an IND filing from the first of the second-generation TriKEs (GTB-3650) in mid-2022. However, this is being pushed back almost one year until 2023. While we are enthusiastic about the program, the delay leads us to move our rating to Neutral and our PT to $3, until clarity on the IND filing becomes evident. Endof-quarter cash balance was $23.7M."
Shares of GT Biopharma Inc. closed at $2.87 yesterday.
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