Lava Therapeutics downgraded to Market Perform from Outperform at Leerink

Leerink analyst Daina Graybosch downgraded Lava Therapeutics (LVTX) to Market Perform from Outperform with a price target of $2, down from $11, following the company’s discontinuation of LAVA-1207, which was in Phase 1 development for metastatic castration-resistant prostate cancer. The firm acknowledges several valid prostate cancer-related challenges that may not necessarily read through to other targets and indications. That said, Leerink finds it difficult to give its platform the benefit of the doubt.