Wells Fargo Downgrades Gracell Biotechnologies to Equal-Weight, Announces $10 Price Target
Portfolio Pulse from Benzinga Newsdesk
Wells Fargo analyst Yanan Zhu has downgraded Gracell Biotechnologies (GRCL) from Overweight to Equal-Weight and set a price target of $10. The downgrade reflects a change in the bank's view on the stock's future performance.
December 27, 2023 | 5:27 pm
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NEUTRAL IMPACT
Gracell Biotechnologies was downgraded by Wells Fargo from Overweight to Equal-Weight with a new price target of $10, indicating a neutral outlook on the stock's performance.
The downgrade from Overweight to Equal-Weight by a major financial institution like Wells Fargo suggests a more cautious stance on GRCL's near-term growth prospects. This could lead to a neutral short-term impact on the stock as investors reassess their positions based on the new rating and price target.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100