BofA downgraded Turnstone Biologics (TSBX) to Underperform from Neutral with a price target of 40c, down from 50c. The company’s updates in Q3 suggest unfavorable cell therapy market dynamics, the analyst tells investors in a research note. The firm thinks limited bed space at infusion centers coupled with Turnstone’s already slower enrollment rates “do not bode well for the company.” In addition, Turnstone’s current financial position could make it difficult for it to execute the necessary development program and enroll enough patients, adds BofA.
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