Vaccitech downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Vaccitech to Equal Weight from Overweight with a price target of $3.25, down from $14. The analyst is encouraged by the company’s initial signs of activity in chronic hepatitis B infection and human papillomavirus, but is stepping to the sidelines until there is greater resolution around the hepatitis B combination approach and market opportunity. The firm cites challenges around the combination therapy, requirement for low HBsAg levels, and low conviction for human papillomavirus for the downgrade.