Gritstone downgraded to Market Perform from Outperform at JMP Securities

JMP Securities downgraded Gritstone to Market Perform from Outperform without a price target The company announced updated interim results from the Phase 2 portion of the GRANITE cancer vaccine trial in first-line microsatellite stable colorectal cancer, with signals of benefit in the low-risk subgroup, “but likely insufficient to excite many investors,” the analyst tells investors in a research note. The firm now sees limited paths forward that provide meaningful upside to shares from current levels. JMP sees the stock as fairly valued around these levels.