B. Riley lowered the firm’s price target on Gritstone to $6 from $8 and keeps a Buy rating on the shares ahead of the Phase II/III GRAINTE-1L program preliminary top-line safety and efficacy data readout in early Q1. The firm believes the Street lacks appreciation for the de-risked nature of the primary ctDNA response rate endpoint, telling investors in a research note that multiple independent groups have now shown an association between ctDNA response and longer PFS/OS in IO-treated patients.
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