Analyst Downgrades NexImmune After Going Back To Preclinical Stage
On Tuesday, NexImmune Inc (NASDAQ: NEXI) announced the realignment of R&D resources to focus on the AIM Direct Injection (AIM INJ) platform and potential product candidates in oncology and autoimmune diseases.
Cantor has downgraded NexImmune to Neutral from Overweight and reduced the price target to $0.30/share from $4/share.
The analyst believes it is unlikely that AIM INJ products will enter the clinic before late 2023 or early 2024.
The company also announced a ~30% reduction in force that extends the cash runway through 3Q 2023, but the company may need a major recapitalization next year (there are no clinical catalysts in the next 1-2 years).
NEXI paused the development of all clinical cell therapy products – NEXI-001 in relapsed/refractory AML post hematopoietic stem cell transplant (HSCT), NEXI-002 in Multiple Myeloma, and NEXI-003 in HPV-mediated solid tumors.
The updated high-dose cohort data for NEXI-001 in AML is guided for 1Q 2023 (prior: 4Q 2022), but given the pause on this program, the analyst says it would be reasonable to assume that AML data are not favorable.
Cantor analyst thinks there could be some value for NEXI-003 in HPV (IND-ready asset) but has limited visibility on the timing, value, or structure of any potential collaboration.
Price Action: NEXI shares are trading higher by 5.76% at $0.4811 on the last check Wednesday.
Latest Ratings for NEXI
Date | Firm | Action | From | To |
|---|---|---|---|---|
Feb 2022 | Raymond James | Maintains | Outperform | |
Nov 2021 | Raymond James | Maintains | Outperform | |
Apr 2021 | Raymond James | Initiates Coverage On | Outperform |
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