JMP Securities analyst Reni Benjamin lowered the firm’s price target on Cue Biopharma to $2 from $15 and keeps an Outperform rating on the shares. Cue announced a strategic reprioritization of resources to focus all resources of the company on developing assets targeting autoimmune disease, and JMP is eliminating CUE-101 from its valuation, the analyst tells investors in a research note. The firm thinks Cue could be an interesting turnaround story given the early preclinical data generated to date with a partnership with Ono Pharmaceuticals in the autoimmune space for CUE-401, a strategic reallocation of resources, and a cash position of $31M pro forma.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CUE:
- Cue Biopharma Refocuses on Autoimmune Programs, Restructures Operations
- JMP Securities healthcare analysts hold an analyst/industry conference call
- Cue Biopharma Welcomes Michael J. Fox to Board, Shareholders Vote
- Cue Biopharma presents updated data from Phase 1 trial of CUE-101
- Cue Biopharma Presents Updated Data from Phase 1 Trial of CUE-101 in Recurrent/Metastatic HPV+ Head and Neck Cancer at the 2024 ASCO Annual Meeting