Kinnate Biopharma downgraded to Neutral on uncertainty at Piper Sandler

Piper Sandler last night downgraded Kinnate Biopharma to Neutral from Overweight with a price target of $4, down from $20. The company announced a pipeline restructuring, strategic reprioritization and 70% workforce reduction, the analyst tells investors in a research note. While Kinnate’s earlier stage programs could ultimately provide additional value to shares, given their early nature combined with the disappointing developments from the company’s discovery engine thus far, they are left out of the model for the time being, says Piper. The firm says it can no longer recommend the shares given the uncertainty.