TD Cowen downgraded Evelo Biosciences to Market Perform from Outperform. The firm is citing the company’s announcement earlier today that it will explore strategic alternatives and partnering opportunities for EDP1815 and its SINTAX platform following results from the Phase II study of EDP2939 in moderate psoriasis, which missed the PASI-50 primary endpoint. Given Evelo’s “limited resources and no candidates currently progressing in the clinic”, TD Cowen adds it is “hopeful” for a strategic deal but moves to the sidelines while any potential next steps are clarified.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on EVLO:
- Horizon Technology downgraded to Sell from Neutral at Compass Point
- Evelo announces primary endpoint was not achieved in Phase 2 study of EDP2939
- Evelo Biosciences Announces Top-Line Results From its Phase 2 Clinical Study with EDP2939 in Moderate Psoriasis
- Compass Point ups Horizon Technology to Neutral on positive 12-month return
- Biotech Alert: Searches spiking for these stocks today
Looking for a trading platform? Check out TipRanks' Best Online Brokers guide, and find the ideal broker for your trades.
Report an Issue