Gritstone slips after Goldman Sachs says 'sell'

Gritstone bio

22/08/2022 14:04

** Shares of biotech company Gritstone bio Inc's shares  
 GRTS.O  down ~17% at $3.49 premarket, set to open at a near
10-day low 
    ** Goldman Sachs cuts rating on GRTS to "sell" from
"neutral"; the brokerage is top-rated among all covering the
stock, according to Refinitiv data
    ** Brokerage believes that co will not be financially
capable to support its solid tumor cancer vaccine candidate
trials (GRANITE-1L) long enough to generate clinically
meaningful results 
    ** Brokerage says co will find it difficult to secure
funding without dilution 
    ** Three of four brokerages rate the stock "buy" or higher,
with GS having the sole "sell" signal; median PT is $12
    ** Up to Friday's close, stock had fallen ~67% YTD, compared
with a ~14% decline in the NASDAQ Biotechnology Index  .NBI 

 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com))