Cyteir Therapeutics downgraded to Underperform at BofA, coverage terminated

BofA downgraded Cyteir Therapeutics to Underperform from Neutral with a $3 price target given the view that shares are no longer trading on fundamentals and the company’s valuation is solely based on current cash and cash equivalents. Cyteir announced plans to discontinue development of CYT-0851 in June of last year after efficacy seen in the phase 1 study evaluating CYT-0851 in combination with capecitabine or gemcitabine in advanced ovarian cancer as well as other solid tumors did not warrant further development and management subsequently announced plans for the liquidation and dissolution of the company, notes the analyst, who is terminating coverage of Cyteir due to a reallocation of resources.