Morgan Stanley downgraded AlloVir to Equal Weight from Overweight with a price target of $1, down from $20, after the company decided to stop further posoleucel development due to futility following a pre-planned DSMB review of multiple ongoing Phase 3 studies. Management plans to analyze the data, but given the disappointing results across all three studies, the firm believes further development is unlikely and given uncertainty related to continued development the firm has removed all revenues from its model.
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