SQZ Biotechnologies double-downgraded to Underperform at BofA

BofA analyst Tazeen Ahmad downgraded SQZ Biotechnologies to Underperform from Buy with a price target of $2, down from $9. The analyst cites the company’s strategic prioritization of eAPC and 60% workforce reduction plan announced last night. While not surprising given the current market conditions, the downgrade to underperform also reflects the lack of a pipeline beyond the eAPC program which requires clinical validation, Ahmad adds.