- Cantor Fitzgerald has downgraded the contract manufacturer iBio, Inc. ( NYSE: IBIO ) to Neutral from Overweight, citing a lack of near-term catalysts after the company recently decided to end its COVID-19 vaccine development and instead focus on immuno-oncology.
- The analyst Kristen Kluska remains positive on IBIO's FastPharming Manufacturing System, arguing that the production method can generate "cheaper, scalable, sustainable protein expression in plants."
- However, with plans to seek an IND for lead immune-oncology asset IBIO-101 in H1 2024, "we believe that this could mean significant time before the company could be in the clinic," Kluska wrote.
- Given the lack of near-term catalysts and ongoing transition to an immune-oncology company, the company is likely to require "significant future capital," the analyst noted, downgrading the stock and slashing its price target to $0.17 from $2.50 per share.
- Wall Street has remained bullish on iBio ( IBIO ) stock, with an average rating of Buy from analysts . However, Seeking Alpha's quant system, which consistently outperforms the market, rated IBIO as a Hold.
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iBio cut to Neutral at Cantor citing ongoing transition