BTIG downgraded Carisma Therapeutics (CARM) to Neutral from Buy and removed the firm’s price target after Carisma announced the “difficult decision” to discontinue their lead HER-2 monocyte program CT-0525 being assessed in solid tumors due to lack of strong enrollment and evolving clinical landscape in the treatment of HER2 tumors. The company is simultaneously undergoing a reorganization whereby the company’s workforce will be reduced by 34%, notes the analyst, who says the reorganization of the company’s pipeline shifts focus to preclinical programs. The firm cites a lack of near-term catalysts and a financing overhang for its downgrade.
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