JMP Securities analyst Roy Buchanan initiated coverage of Gritstone Bio with an Outperform rating and $4 price target. Gritstone has an important Phase 2 readout for its lead GRANITE personalized cancer vaccine candidate in the coming weeks, the analyst tells investors in a research note. The firm gives the program a 50% overall probability of success and says Gritstone’s EDGE platform can provide broad benefits longer term, representing potential upside to the current valuation.
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