RUBY - Rubius price target lowered at H.C. Wainwright on trial update for cellular therapy

Rubius Therapeutics (NASDAQ:RUBY) is trading lower into afternoon trading on Wednesday after H.C. Wainwright lowered the price target for clinical-stage biotech citing an update on the company’s Phase 1 trial for the cell therapy candidate, RTX-240 in advanced solid tumors. Announcing its 1Q 2022 results, Rubius (RUBY) said Tuesday that the company expanded the ongoing Phase 1 arm to enroll up to 20 less heavily pre-treated patients with Non-Small Cell Lung Cancer and Renal Cell Carcinoma. The move is aimed at advancing a future Phase 2 trial for the candidate in combination with pembrolizumab (Keytruda) in an earlier line of therapy, the company added. However, the decision could limit the terminal value of the asset, H.C. Wainwright analyst Andrew S. Fein wrote, lowering the price target to $8 from $15 per share. Fein notes that both RTX-240 and RTX-224 — another solid tumor candidate of the company undergoing a Phase

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Rubius price target lowered at H.C. Wainwright on trial update for cellular therapy