HilleVax downgraded to Neutral at JPMorgan after failure of vaccine study

JPMorgan downgraded HilleVax to Neutral from Overweight with a price target of $5, down from $24, and withdraws the stock from the firm’s Analyst Focus List following the announced failure of the Phase 2b NEST-IN1 trial evaluating vaccine candidate HIL-214. The firm, which notes the reported vaccine efficacy essentially shows no protective benefit from HIL-214 in the infant population, is “disappointed and rather surprised by the top-line readout,” and sees the NEST-IN1 outcome bringing the translatability of earlier efficacy data in the Navy recruit study “further into doubt,” with negative implications for planned development for older adults.