Citizens downgraded Werewolf Therapeutics (HOWL) to Market Perform from Outperform without a price target after the company provided updates to its clinical and preclinical pipeline. While WTX-124 and WTX-330 continue to showcase clinical activity and a “clean” safety profile, the feedback from regulators and the capital required to advance to registrational studies require a strategic partner or funds from investors, the analyst tells investors in a research note. Citizens cites the uncertain timing of discussions for the downgrade. It moved to the sidelines until Werewolf forms a partnership or raises capital.
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