Chardan analyst Matthew Barcus downgraded Oncorus to Neutral from Buy without a price target. The company this morning announced a reprioritization of its pipeline, discontinuing the development of ONCR-177 and reducing its workforce and burn rate, Barcus tells investors in a research note. While Oncorus’s sole focus on the advancement of its lead viral RNA immunotherapy product candidate, ONCR-021, is a positive step, the reprioritization of its pipeline and associated pressures with operational runway "create a degree of uncertainty in the near-term," says the analyst.
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