Hookipa Pharma downgraded to Underperform from Buy at BofA

BofA analyst Alec Stranahan downgraded Hookipa Pharma (HOOK) to Underperform from Buy with a price target of $0.50, down from $6. While the recent strategic collaboration and license agreement with Roche (RHHBY) offers "a stroke of confidence," it is still early innings for the partnered pipeline assets, said Stranahan. The below-expectation HB-200 monotherapy data creates a "challenging setup" going into Keytruda combo data due in the first half and he is "bearish" on upcoming catalysts to reverse sentiment, the analyst tells investors.