Penny Stock Gritstone Bio Hires Advisor To Evaluate Options, Analyst Downgrades Stock As Data 'Insufficient To Excite Many Investors'
Portfolio Pulse from Vandana Singh
Gritstone Bio Inc. (NASDAQ:GRTS) released interim Phase 2 data for its GRANITE immunotherapy, showing some benefits in low-risk colorectal cancer patients. However, JMP Securities downgraded the stock due to insufficient excitement among investors. Gritstone has hired Raymond James to evaluate options.
October 01, 2024 | 5:55 pm
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Gritstone Bio's interim Phase 2 data for GRANITE shows some promise in low-risk colorectal cancer patients, but overall results are insufficient to excite investors. JMP Securities downgraded the stock, and Gritstone hired Raymond James to explore strategic options.
The interim data from the Phase 2 study of GRANITE showed some benefits but were not compelling enough to excite investors, leading to a downgrade by JMP Securities. The stock price has already dropped significantly, indicating negative sentiment. The hiring of Raymond James suggests the company is exploring strategic options, which could impact future stock performance.
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