iBio downgraded to Market Perform at JMP on CDMO and IBIO-101 questions

JMP Securities analyst Roy Buchanan downgraded iBio (IBIO) to Market Perform from Outperform with no price target after the company filed its 10-Q yesterday. Delays in divesting the CDMO business and the updated fair value disclosed in the 10-Q "suggest to us that the offers the company is receiving are not what was originally hoped," the firm said. Despite "a number of interesting candidates, the CDMO news along with delays to IBIO-101 pending a readout from Roche’s (RHHBY) comparable Teff-sparing antibody RG6292 give the firm pause on the outlook for iBio.