William Blair analyst Matthew Phipps late Friday downgraded MiNK Therapeutics (INKT) to Market Perform from Outperform without a price target after the company announced a publication in Nature’s Oncogene describing a patient with treatment-refractory testicular cancer treated with Opdivo plus agenT-797 in the Phase I trial achieved a complete remission. In response to the publication, MiNK shares traded up over 700%, and exceeding William Blair’s pervious fair value estimate of $33, the analyst tells investors in a research note. As such, the firm downgraded the stock on valuation ahead of additional data from the ongoing gastric cancer trial. MiNK shares in premarket trading are down 27% to $47.00 after rally 730% on Friday to $64.17.
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