Atara Biotherapeutics ( NASDAQ: ATRA ) has lost ~4% in the pre-market Wednesday after Bank of America downgraded the stock issuing the only Sell rating for the clinical-stage biotech on the Street.
The analysts led by Yigal Nochomovitz attribute their bearish view to Phase 2 interim data the company recently released for ATA188, a CAR T immunotherapy targeted at progressive multiple sclerosis.
“…..we now believe the overall risk/reward for the company’s pipeline is skewed negative in the wake of the disappointing outcome,” in the analysis, the team wrote, noting that BofA continues to have a differentiated view on Atara ( ATRA ) with its only Sell rating for the stock.
The price target lowered to $3 from $8 per share indicates only the estimated 2Q 2022 cash and no pipeline value, the analysts reasoned.
Thy reminded investors that its bearish view on MS readout prompted the firm to downgrade Atara ( ATRA ) in May, issuing the only Neutral rating for the stock at the time.
Wall Street remain bullish on Atara ( ATRA ) stock, with an average rating of Buy from analysts , while Seeking Alpha's quant system, which consistently beats the market, rates ATRA as a Strong Sell.
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Atara slips as BofA downgrades to Sell on data for multiple sclerosis therapy