RUBY - Rubius Therapeutics tumbles 20% on lowered price target due to disappointing RTX-240 data

After disappointing RTX-240 monotherapy data in advanced solid tumors patients, with only 3 responses of 27 patients, and no responses were observed with RTX-240 in AML patients, Morgan Stanley analyst Jeffrey Hung lowered the firm's price target on Rubius Therapeutics (RUBY -21.5%) to $4 from $15 and keeps an Equal Weight rating on the shares. Besides Guggenheim  analyst Michael Schmidt slashes price target to $5 from $25, cites “increased development risk” for the company’s lead program RTX-240; says the updated data is “below our and investor expectations” H.C. Wainwright analyst Andrew Fein cuts price target to $15 from $40, mentions “Since the efficacy level is lower than expectations, we do not believe RTX-240 to be viable as a monotherapy. However, we think that the data provides evidence for continued development of RTX-240 in combination”

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Rubius Therapeutics tumbles 20% on lowered price target due to disappointing RTX-240 data