Lyell shares down as BofA double downgrades to Sell
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Shares of Lyell Immunopharma Inc (NASDAQ:LYEL) dropped about 4% after Bank of America downgraded the stock from Buy to Underperform, reducing the price target. This follows the company's decision to discontinue its LYL797 CAR-T therapy due to safety issues. Analysts expressed concerns over the recent acquisition of ImmPACT Bio and the competitive landscape, noting that IMPT-314 adds little to the company's value. They highlighted challenges in restarting solid tumor programs while expanding into hematology, leading to a cautious outlook on the stock.
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