Morgan Stanley analyst Matthew Harrison downgraded Lyell Immunopharma to Equal Weight from Overweight with a price target of $7, down from $15, after management announced that initial proof-of-concept data for its pipeline would not occur until the first half of 2024 versus prior guidance of 2023. The analyst continues to believe that LYL797, Lyell’s ROR1 CAR-T, has a reasonable probability of success for solid tumors. However, the longer timeline changes the stock’s near-term risk/reward, Harrison tells investors in a research note.
Published first on TheFly
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