UPDATE: Piper Sandler Double Downgrades Humacyte (HUMA) to Underweight

Piper Sandler analyst Matt O'Brien downgraded Humacyte (NASDAQ: HUMA) from Neutral to Underweight with a price target of $4.00.

The analyst comments "Friday morning, Humacyte announced Q1 (pre-revenue) results. There was nothing out of the ordinary in the quarter, though the company has started to supply Ukraine with HAVs to assist in the conflict in that region, highlighting the utility of the product. That said, we are downgrading the stock to Underweight from Overweight. The primary reason for this decision is the sizable pullback in several commercial stage companies that, in our view, are better alternatives compared to a pre-revenue company in this volatile tape. We certainly recognize the strong technology HUMA has developed and see a future for the company given multiple ongoing clinical programs in large markets. However, we believe the stock will struggle in the near term, so we are moving to the sidelines for now. PT decreases from $10.00 to $4.00 reflecting a decrease in our target multiple."

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

Shares of Humacyte closed at $5.37 yesterday.

You May Also Be Interested In

• Wells Fargo Downgrades Roku Inc. (ROKU) to Equal Weight
• Cantor Fitzgerald Reiterates Overweight Rating on Merlin Labs (MRLN)
• Cantor Fitzgerald Downgrades Better Home & Finance Holding (BETR) to Neutral