Analysts Move To Sidelines For Cancer Player Kinnate Biopharma After Restructuring
Portfolio Pulse from Vandana Singh
Kinnate Biopharma Inc (NASDAQ:KNTE) has prioritized its exarafenib combination, KIN-8741, and discovery efforts around its CDK4 selective program, while also implementing a corporate restructuring that reduces its workforce by 70%. Piper Sandler downgraded the stock from Overweight to Neutral with a price target of $4, down from $20. Wedbush also downgraded the stock to Neutral and cut the price target from $14 to $2. Despite these setbacks, William Blair maintains an Outperform rating, citing the company's promising platform for small-molecule kinase inhibitors in precision oncology.
September 19, 2023 | 6:20 pm
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Kinnate Biopharma has been downgraded by Piper Sandler and Wedbush due to restructuring and lack of short-term clinical catalysts. However, William Blair maintains an Outperform rating, citing the company's promising platform for small-molecule kinase inhibitors.
The company's decision to prioritize certain programs and reduce its workforce by 70% has led to downgrades from Piper Sandler and Wedbush. This, coupled with a lack of short-term clinical catalysts, is likely to negatively impact the stock price in the short term. However, William Blair's continued Outperform rating indicates some potential for future growth.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100