Gritstone downgraded to Neutral from Buy at H.C. Wainwright

H.C. Wainwright downgraded Gritstone to Neutral from Buy with a price target of 50c, down from $4. In addition to the GRANITE results, Gritstone announced that it has engaged with a financial advisor to review and explore potential strategic options for the company going forward, the analyst tells investors in a research note. The firm points out the company’s Slate off-the-shelf vaccine and Coral infectious disease programs are both on pause while awaiting additional funding. The insufficient funding and lack of a clear path forward “brings significant uncertainties to the development of Gritstone’s pipeline at this point,” contends H.C. Wainwright.