Truist analyst Asthika Goonewarden downgraded Mersana Therapeutics to Hold from Buy with no price target after Mersana announced that the UPLIFT clinical trial of upifitamab rilsodotin, or UpRi, did not meet its primary endpoint. “There is no way to sugar coat it: the UPLIFT topline data is very disappointing,” and the firm has “low expectations of any saving graces that would enable the drug to be salvaged” given the fact that Mersana is winding down development efforts with UpRi, the analyst tells investors.
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