Piper downgardes Achilles Therapeutics, says ‘step-function’ change needed

Piper Sandler analyst Joseph Catanzaro downgraded Achilles Therapeutics to Neutral from Overweight with a price target of $2, down from $8. The analyst says additional data for the CHIRON and THETIS trials show that while 18 new patients have demonstrated meaningful manufacturing improvements and a step-up in cNeT cell dose, this has not translated to improved clinical activity. The firm continues to see neoantigen-reactivity as a potential next-generation TIL approach, but believes the “progress here continues to be incremental.” A “step-function change is needed” to get to clinical activity where there could be a path forward, the analyst tells investors in a research note.