Piper Sandler analyst Christopher Raymond downgraded Oncorus to Neutral from Overweight with a price target of $2, down from $6. With today’s decision to pull the plug on lead program ONCR-177, Oncorus’s next program, ONCR-021, is about a year from the clinic, Raymond tells investors in a research note. And even with the announced restructuring, the company’s cash balance could become a concern before any clinical data from ONCR-021, says the analyst. "With this set-up we are hard-pressed to articulate a bull thesis at this point," writes Raymond.
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