Affimed rating cut to 'hold' on lack of pipeline development clarity

Affimed NV

10/10/2022 23:15

** Stifel downgrades Affimed NV's  AFMD.O  rating to "hold"
from "buy", says no longer sees near-term data updates from its
lead cancer therapies to be positive to stock
    ** Brokerage expects consequent development phases for
company's drug candidates AFM13, AFM24 and AFM13-NK could lack
clarity and momentum needed during capital-constrained market
conditions
    ** Stifel cuts PT on company's shares to $2 from $9, to
reflect pushed out launch of solid tumor treatment AFM24 to 2028
and removal of European market revenue for lymphoma therapy
AFM13 
    ** For AFM13-NK, brokerage believes U.S. health regulator
could require additional pre-clinical data and re-run of
dose-escalation, which could delay human trials by about 2 years
    ** 8 of 9 brokerages rate the stock "buy" or higher, 1
"hold"; median PT $10.32 - Refinitiv 
    ** Affimed's U.S.-listed shares fall as much as 18% to $1.56
during Monday's session; stock down 71.2% YTD
 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788))