Citizens JMP downgrades Rallybio on RLYB212 discontinuation

Citizens JMP downgraded Rallybio (RLYB) to Market Perform from Outperform without a price target after the company discontinued development of its fetal and neonatal alloimmune thrombocytopenia program after missing the pharmacokinetic profile in the sentinel pregnant woman dosed with RLYB212. The firm downgraded the shares after removing RLYB212 from its valuation. Citizens says RLYB212 was the basis of its Outperform rating. It now expects the shares to continue to trade at a “steep discount” to Rallybio’s cash balance. The stock in afternoon trading is down 41%, or 17c, to 25c.