Turnstone Biologics downgraded to Neutral at BofA after restructuring

As previously reported, BofA analyst Charlie Yang downgraded Turnstone Biologics to Neutral from Buy with a price target of 50c, down from $10, after the company announced plans to reduce headcount by about 60% and realign resources to focus on lead program TIDAL-01 for hard to treat colorectal cancer, head and neck cancer and uveal melanoma. While the firm thinks the restructuring and prioritization “makes a lot of sense,” it also thinks its better to a take a wait-and-see approach until more mature data is available next year, the analyst tells investors.