ARCT - Arcturus Therapeutics downgraded to underperform at Raymond James on program setbacks

• Raymond James has downgraded Arcturus Therapeutics ( NASDAQ: ARCT ) to underperform from market perform citing setbacks for vaccines for COVID-19, ornithine transcarbamylase deficiency, and cystic fibrosis.
• The firm does not have a price target.
• Analyst Steven Seedhouse noted that two catalysts for the company have been delayed. The first was Emergency Use Authorization for LUNAR-COV19 from the Vietnam Ministry of Health expected in Q1. That has been delayed to Q4.
• The second is a clinical trial application filing for LUNAR-CF in cystic fibrosis which was expected this quarter but has been pushed to Q4.
• Seedhouse indicated that a significant portion of its cash balance will be utilized this year "and we don’t see outlook improving (it may worsen) in that timeframe."
• Seeking Alpha's Quant Rating views Arcturus ( ARCT ) as a strong sell.

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