AlloVir downgraded to Underperform from Buy at BofA

BofA downgraded AlloVir to Underperform from Buy with a price target of $1, down from $17, after AlloVir announced it was discontinuing its three ongoing phase 3 studies of posoleucel with none deemed likely to succeed. The update is “a profound setback for the allogeneic T-cell developer” that raises “justifiable questions about its future,” the analyst tells investors. Whether there’s still a practical path forward is unclear and until there’s sufficient clarity into the setbacks and a solid strategic plan, the firm looks for limited upside for shares, the analyst added.