Catch up on today’s top five analyst downgrades with this list compiled by The Fly: 1. AXT Inc. (AXTI) downgraded to Neutral from Buy at B. Riley Securities with analyst Dave Kang saying after checking with management, the analyst does not believe there was any significant event that would drive shares significantly higher last week. 2. Iovance (IOVA) downgraded to Equal Weight from Overweight at Wells Fargo with analyst Jim Birchenough saying that with lack of agreement on assays to adequately characterize tumor infiltrating lymphocyte therapeutics, and unclear guidance from FDA, he sees “significant risk ahead” to timelines for review and approval of lifileucel, and other TIL therapeutics. 3. Miragen Therapeutics (MGEN) downgraded to Neutral from Buy at H.C. Wainwright with analyst Vernon Bernardino saying with cobomarsen comprising the sole pipeline asset currently being studied in advanced clinical trials, finding a partner to further develop the drug and realizing material value in Miragen’s other pipeline assets, primarily MRG-229, “could take some time to emerge.” 4. Toronto-Dominion (TD) downgraded to Underperform from Neutral at BofA with analyst Ebrahim Poonawala saying he sees an “outsized impact” on earnings growth and ROE relative to the bank’s peers as a result of low interest rates. 5. Bright Horizons (BFAM) downgraded to Market Perform from Outperform at BMO Capital with analyst Jeffrey Silber saying forward looking estimates are too high, and Bright Horizons is trading at or near all-time highs on most metrics. This list is just a portion of The Fly’s full analyst coverage. To see The Fly’s full Street Research coverage, (click here.):(http://thefly.com/streetResearch.php)
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