Instil Bio plunges after brokerages turn bearish on trial enrolment pause

Instil Bio

01/11/2022 16:14

** Shares of Instil Bio Inc  TIL.O  tumble as much as 21.5%
to a record low of $2.59
    ** TIL hit its previous record low on Monday after pausing
patient enrolment in two of its experimental therapies for
cancer, citing manufacturing-related issues
    ** Cowen downgrades to "market perform" from "outperform",
saying pause timing is unfavorable, given its CTO resigned
recently and it faces stiff competition from Iovance
Biotherapeutics Inc  IOVA.O 
    ** Adds there is uncertainty around when issue will be
resolved given unpredictability of cell manufacturing
    ** Jefferies ("buy") cuts PT to $22 from $29, seeing 10%
lower potential market penetration by TIL's experimental
treatment for melanoma
    ** TIL down 81% YTD through Monday's close
 (Reporting by Ruhi Soni in Bengaluru;)
 ((Ruhi.Soni@thomsonreuters.com
Twitter: https://twitter.com/ruhithere))