AlloVir downgraded to Market Perform from Outperform at Leerink

Leerink downgraded AlloVir to Market Perform from Outperform with a price target of $1, down from $14, after the company announced discontinuation of its three Phase 3 studies for lead asset posoleucel based on pre-planned futility analyses by the Data Safety Monitoring Boards, or DSMBs, that indicated the studies were unlikely to meet their primary endpoints. Given the news, the firm expects the shares to trade near cash value net of projected operating expenses while investors await the outcomes of the ongoing strategic review.