Piper Sandler analyst Edward Tenthoff downgraded Fate Therapeutics to Neutral from Overweight with a price target of $12, down from $71. The company is discontinuing development of FT516, FT538 in acute myeloid leukemia, FT596 in B-Cell lymphoma and FT538/FT536 for solid tumors, Tenthoff tells investors in a research note. Janssen and Fate also terminated their partnership, he adds. The analyst downgraded the shares after removing value for discontinued programs
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