Gritstone colorectal cancer study miss due to trial design, says B. Riley

B. Riley reiterates a Buy rating on Gritstone bio with a $3 price target following the Q1 report. Recent equity weakness is attributed to “disappointing” circulating tumor DNA primary efficacy results that overshadowed better than expected preliminary progression free survival dataset, which has further room for improvement, the analyst tells investors in a research note. The firm says the GRANITE-CRC-1L colorectal cancer study miss on the primary endpoint was the result of trial design failure, not product failure.