- Truist has downgraded Assembly Biosciences ( NASDAQ: ASMB ) to hold from buy due to a recent clinical trials failure and a lack of near-term catalysts.
- The firm also cut its price target to $2 from $11 (~30% upside based on Friday's close).
- Analyst Nicole Germino cited the failure of vebicorvir for hepatitis B in July, recent restructuring, lack of de-risked late-stage assets, and a lack of near-term catalysts as reasons for her rating change.
- "While we believe mgmt's strategy to move towards new programs with shorter timelines to demonstrate [proof-of-concept] data, we await to see clinical execution and data before giving credit," she wrote.
- Seeking Alpha Quant Rating views Assembly Biosciences ( ASMB ) as a hold.
For further details see:
Assembly Biosciences downgraded at Truist on trial failure, lack of catalysts