Kyowa Kirin downgraded to Underweight from Neutral at JPMorgan

JPMorgan downgraded Kyowa Kirin (KYKOF) to Underweight from Neutral with a price target of 1,800 yen, down from 2,300 yen. The company announced it will discontinue all clinical trials for rocatinlimab because it obtained new safety data, the analyst tells investors in a research note. JPMorgan downgraded the shares after removing rocatinlimab sales from its earnings estimates, resulting in reductions of longer-term estimates.