Theseus Pharmaceuticals downgraded to Hold from Buy at Needham

Needham analyst Ami Fadia downgraded Theseus Pharmaceuticals to Hold from Buy with no price target after the management’s decisions to discontinue development of lead asset THE-630 in GIST. While the ASCO update on THE-630 provided some validation on the efficacy translation of the PRA, safety translation will be the key question, though clinical data is unlikely to come before 2025, the analyst tells investors in a research note. The firm’s rating change reflects this uncertainty and the lack of near-term catalysts, Needham states.