Ikena Oncology Discontinues IK-930 Program And Cuts Workforce, Analyst Calls It 'Disappointing'
Portfolio Pulse from Vandana Singh
Ikena Oncology Inc (NASDAQ:IKNA) has discontinued its IK-930 program and is cutting its workforce by 53%. The company will focus on developing IK-595 and is evaluating strategic options for its pipeline. Analysts have mixed reactions, with William Blair maintaining an Outperform rating and Wedbush downgrading the stock to Neutral.
May 29, 2024 | 7:33 pm
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Ikena Oncology has discontinued its IK-930 program and is cutting its workforce by 53%. The company will now focus on developing IK-595. Analysts have mixed reactions, with William Blair maintaining an Outperform rating and Wedbush downgrading the stock to Neutral.
The discontinuation of the IK-930 program and significant workforce reduction are negative signals, indicating potential challenges in the company's pipeline. Mixed analyst reactions further contribute to uncertainty, with a downgrade from Wedbush likely to weigh on the stock.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100