Wedbush downgrades Werewolf Therapeutics to Neutral on challenging path

As previously reported, Wedbush downgraded Werewolf Therapeutics (HOWL) to Neutral from Outperform with a price target of $1, down from $3. The firm notes the company reported updates from ongoing trials of WTX-124 and WTX-330. As a reminder, IL-2 INDUKINE WTX-124 is currently being investigated across solid tumors including melanoma, cSCC, GEJ, and in combination with pembrolizumab in melanoma, NSCLC, and RCC. While Wedbush notes early signs of efficacy among INDUKINE programs, it is moving to the sidelines due to cash constraints, as the company pursues strategic options to progress earlier stage INDUCER T cell engagers.