MiNK Therapeutics price target lowered to $3 from $4 at Evercore ISI

Evercore ISI lowered the firm’s price target on MiNK Therapeutics to $3 from $4 and keeps an Outperform rating on the shares. MiNK Therapeutics will be presenting data for its allogenic iNKT cells as monotherapy and in combination with PD-1 antibody at the upcoming AACR conference. Currently, tumor pseudo progression with PD-1 therapy alone can occur in as many as 4/17 gastric cancer patients with progressive disease on PD-1 therapy, which is a "fairly high bar" for what the firm is looking for in the combo patients. Furthermore, the company will need to find strategic partners to help advance its program. At the moment, management seems optimistic it will be able to check both the data and the partnership boxes, leading Evercore ISI to maintain an Outperform rating on the shares.