Piper Sandler lowered the firm’s price target on Turnstone Biologics to $3.75 from $20 and keeps an Overweight rating on the shares. The firm cites the company’s deprioritization of cutaneous melanoma and breast cancer for the target cut. However, the analyst believes the initial data from TIDAL-01’s ongoing STARLING trial provide early validation of Turnstone’s ability to effectively manufacture neoantigen-reactive TIL products that have the potential to drive clinical activity.
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