Innate Pharma downgraded to Market Perform from Outperform at Leerink

Leerink downgraded Innate Pharma (IPHA) to Market Perform from Outperform with a price target of $2, down from $10. The company relegating their proprietary antibody-based NK cell engager therapeutic platform to the background overly concentrates Innate’s outlook to an antibody-drug conjugate strategy, which has an uncertain timing on generating clinical proof-of-concept outcomes, the analyst tells investors in a research note. Leerink adds that the lack of success in finding a partner to co-develop lacutamab and looming financing overhang reduces the firm’s confidence in upside for the stock next year.