IPSC - JP Morgan cuts Century Therapeutics to neutral cites lengthy data timeline

2023-08-28 17:11:39 ET

JP Morgan has downgraded Century Therapeutics ( NASDAQ: IPSC ) to neutral, commenting that it sees the stock as range-bound over the near-to-mid-term as investors wait for proof-of-concept data for its lead drug candidate CNTY-101 in the treatment of B-cell lymphomas.

The investment bank said that although the company has a cash runway into 2026, given the “fairly weak sentiment” for the allogeneic cell therapy space, it believes the shares won’t likely regain their footing until they see “steady” clinical progress on the pipeline.

POC data for both the CNTY-101 program and broader platform are expected in 2024, the bank added.

JP Morgan slashed its price target for the stock to $5 from $28.

More on Century Therapeutics

• Century Therapeutics cutting 25% of staff, prioritizing pipeline programs
• Century Therapeutics receives IND clearance for allogeneic cell therapy candidate
• Century jumps 14% on collaboration with Bristol Myers to develop cell therapies in solid tumor
• Century, Fate drop after FDA’s Fast Track status for Celularity’s NK cell candidate
• Seeking Alpha’s Quant Rating on Century Therapeutics
• Earnings data for Century Therapeutics

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