Matinas BioPharma downgraded to Neutral from Buy at Alliance Global Partners

Alliance Global Partners downgraded Matinas BioPharma (MTNB) to Neutral from Buy without a price target after the company announced that negotiations under the previously disclosed non-binding term sheet regarding marketing rights to its oral formulation of amphotericin B have been terminated by the prospective partner. Matinas has implemented an 80% workforce reduction as a result of this event, the analyst tells investors in a research note. The firm says “this is a material negative event for the company that introduces significant uncertainty.” Alliance Global suspects Matinas “is stretching its runway to try and sell/partner the asset.”