Century Therapeutics downgraded to Market Perform from Outperform at Leerink

Leerink downgraded Century Therapeutics (IPSC) to Market Perform from Outperform with a price target of $2, down from $7. The firm appreciates the strategic merits behind Century’s de-prioritization of its sole clinical asset, CNTY-101, in favor of more innovative preclinical programs. However, the decision leaves the company without “value-inflecting clinical catalysts” over the next 12-15 months, the analyst tells investors in a research note. Leerink believes development progress for Century’s preclinical programs will receive little credit from the market without clinical data.