TCR2 Therapeutics (TCRR) PT Lowered to $56 at BMO Capital

BMO Capital analyst Do Kim lowered the price target on TCR2 Therapeutics (NASDAQ: TCRR) to $56.00 (from $65.00) while maintaining an Outperform rating.

The analyst commented, "TCR2’s 4Q20 GAAP EPS were ($0.55), above our ($0.58) estimate, but in line with the Street’s ($0.55). The narrower loss versus our estimate was driven by lower OPEX. We expect a gavo-cel Phase 1 update at AACR 2021 (April 10), but mostly translational data will be provided, with additional clinical data expected at ASCO (June 4-8). We decrease our target price to $56 from $65, as we push out gavo-cel and TC-110 launches to 2023 (from 2022) and account for dilution from recent equity offering, partly offset by lower expenses."

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