Wedbush downgrades Atreca to Neutral following ATRC-101 discontinuation

As previously reported, Wedbush analyst Robert Driscoll downgraded Atreca to Neutral from Outperform with a price target of $1, down from $4. The firm notes Atreca discontinued lead asset ATRC-101 this quarter, citing financial considerations of next steps for the program. Wedbush views this as a necessary development considering a light cash runway, marginally extended to early 2024 with additional cuts to workforce and program expenditures. The company will focus current efforts on preclinical ADC program APN-497444, lead candidate selection for which is expected in 2023.