Apexigen downgraded to Neutral from Buy at Roth MKM

Roth MKM analyst Kumaraguru Raja downgraded Apexigen to Neutral from Buy with a $1.40 price target following the company’s announcement that is was evaluating strategic alternatives and restructuring, citing uncertainty in strategy and a lack of clarity on the future of the company following the news. However, the firm still believes that liposarcoma "offers an achievable path to market" for sotigalimab given the significant unmet need and "promising" Phase 2 data.