GRPH - Graphite Bio in the red after downgrade by BofA Securities

• Graphite Bio ( NASDAQ: GRPH ) was down around -9% on Wednesday after BofA Securities downgraded the stock to Neutral from Buy, with a price target of $3 (down from $7).
• BofA Securities analysts cited "uncertainty surrounding the development timeline" of its sickle cell candidate nula-cel and "a varied yet early pipeline" for the downgrade.
• Graphite Bio ( GRPH ) voluntarily paused a phase 1/2 study of nula-cel for sickle cell disease early in January following a serious adverse event in the first patient treated. The company also said it no longer anticipates filing an investigational new drug application for GPH102 in beta-thalassemia by mid-2024.
• BofA Securities noted: "While the hold on the lead program is concerning for the company, we do not yet know the full story for nula-cel and look for additional updates from the company in 1Q23."

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