Atreca downgraded to In Line from Outperform at Evercore ISI

Evercore ISI downgraded Atreca to In Line from Outperform with a price target of $1.50, down from $2. The company promised a clinical data update for ATRC-101 by the end of Q1, and what it provided yesterday "was quite underwhelming," the analyst tells investors in a research note. Stable disease was seen in around 50% of patients, but this is not a reliable signal of efficacy in the absence of other important markers, the analyst tells investors in a research note. The firm cites Atreca’s "dwindling" cash position, high cost of capital and loss of its "investor mandate" for the downgrade.