Viracta Therapeutics downgraded to Market Perform from Outperform at Leerink

Leerink downgraded Viracta Therapeutics to Market Perform from Outperform with a price target of $3, down from $5. The firm said the downgrade follows the recently released Phase 2 data from the EBV+ R/R peripheral T-cell lymphoma cohort of the single arm NAVAL-1 trial. While in a larger population versus the last update, the efficacy decreased from the prior overall response rate of 71%, the analyst tells investors in a research note. The firm added that, despite numerically higher response rates, it is difficult to have confidence Nana-val is markedly superior to existing agents.