As previously reported, Wells Fargo analyst Eva Fortea Verdejo downgraded iTeos Therapeutics (ITOS) to Equal Weight from Overweight with a price target of $12, down from $13, after the company announced plans to wind down operations. Given the termination of the belrestotug development program, the company has only early Phase 1 assets that aren’t de-risked, so the wind down decision “makes sense,” the analyst tells investors.
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