After Instil Bio announced additional details surrounding their plans to develop SYN-2510, including initial studies to focus on NSCLC and TNBC, Baird analyst Jack Allen noted that there is “already strong external evidence in support of development of PD-1/L1xVEGF therapies” in those therapeutic areas. Additionally, the firm is encouraged to see the team leverage their ImmuneOnco collaboration to drive rapidly towards proof-of-concept readouts in these indications, says Baird, while noting that after discussing these updates with management they maintained their current cash runway guidance of beyond 2026. Baird maintains an Outperform rating and $180 price target on shares of Instil Bio, which have slid $11.51, or 13%, to $73.01 in Monday morning trading.
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