SQZ Biotechnologies downgraded to Neutral from Buy at H.C. Wainwright

H.C. Wainwright analyst Emily Bodnar downgraded SQZ Biotechnologies to Neutral from Buy without a price target. The company’s "sizable" restructuring effort lead the analyst to shift expectations for data next week. The decision to announce a significant restructuring prior to the data announcement likely indicates that the data are not impressive, Bodnar tells investors in a research note. The analyst alsos believe the decision to pause both monotherapy and combination cohorts for the antigen presenting cells platform likely indicates that the data in combination were not materially better than the monotherapy data.