Leerink downgraded HilleVax to Market Perform from Outperform with a price target of $2, down from $28, after the company disclosed that the Phase 2b NEST-IN1 study of norovirus vaccine HIL-214 in infants showed only 5% efficacy, versus expectations of greater than 70%, and also failed on secondary endpoints. There may still be a path forward in adults for HIL-214 and/or next-gen hexavalent HIL-216, and it is possible that the company can drive shareholder value from current levels via strategic action, says the analyst, who estimates that the company’s current cash balance of approximately $215M net of $25M debt repayment equates to about $4 per share.
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