RUBY - Rubius price targets slashed on underwhelming cancer data

Clinical-stage biotech, Rubius Therapeutics (NASDAQ:RUBY) is trading lower for the second straight session as investors react to Phase 1/2 data for its experimental cancer therapy RTX-240 that failed to meet Street expectations last week. Noting the lower than anticipated efficacy data, Guggenheim analyst Michael Schmidt has cut the price target to $5 from $20 per share. Schmidt, who has a Buy rating on the stock, sees an “increased development risk” for Rubius’ (RUBY) lead program. Meanwhile, H.C. Wainwright analyst Andrew Fein slashed the per share target to $15 from $40, arguing that the RTX-240 is unlikely to perform as a viable monotherapy. Yet, he thinks that data was supportive enough to further study RTX-240 in combination with Merck's (MRK) immunotherapy, Keytruda. However, Fein reiterates the Buy rating on the stock citing two upcoming data readouts for the company: From Phase 1 arm of RTX-240 plus Keytruda in solid tumors and Phase

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Rubius price targets slashed on underwhelming cancer data