Baird analyst Joel Beatty downgraded Arcturus Therapeutics to Underperform from Neutral with an $18 price target. Post the Q3 results, the analyst has decreased conviction in the company’s lead program ARCT-810 considering newly delayed timelines. And while the collaboration with CSL Sequiris last week provides a nice $200M upfront payment, it is “highly uncertain” whether future milestones to Arcturus will meaningfully exceed the company’s required costs, Beatty tells investors in a research note.