Jefferies cuts Landos to Underperform with no major catalysts seen for 2 years

As previously reported, Jefferies analyst Chris Howerton downgraded Landos Biopharma to Underperform from Hold with a price target of 10c, down from 20c, with lead asset Omilancor placed on pause to pursue NX-13 for moderate UC following a strategic review. Howerton thinks the target of NLRX1 has "merit," but he has concerns on formulation and execution. His change in rating reflects dilution after cash was raised from Landos lead shareholder, uncertainty about NX-13 and his view that Landos has "no meaningful catalysts" for about two years.