Gritstone Bio climbs after Piper Sandler starts coverage with 'overweight'

Gritstone bio

31/10/2022 17:20

** Shares of cancer drug manufacturer Gritstone bio Inc
 GRTS.O  up 12.5% at $3.05 - biggest gainer on the Nasdaq
Biotechnology index 
    ** Brokerage Piper Sandler initiates coverage with
"overweight" rating and PT at $6 
    ** Brokerage is optimistic about GRTS's pipeline of cancer
and infectious disease vaccines
    ** Brokerage adds it expects GRTS' personalized cancer
vaccine to get FDA approval and launch in U.S. in 2027, and
estimates peak projected revenue of $2.09 billion in 2032
    ** 4 of 5 brokerages rate the stock "buy" or higher, 1
"sell"; their median PT is $8.99
    ** Including session's gain, stock had fallen ~76% YTD
compared with 12.5% decline in Nasdaq Biotechnology index  .NBI 
 (Reporting by Sriparna Roy)
 ((Sriparna.roy@thomsonreuters.com))