Achilles Therapeutics downgraded to Perform from Outperform at Oppenheimer

Oppenheimer analyst Mark Breidenbach downgraded Achilles Therapeutics to Perform from Outperform without a price target after the company presented new clinical data from the ongoing CHIRON and THETIS trials of its clonal neoantigen T-cell therapy. With no clear efficacy advantage for clonal neoantigen T-cells over conventional tumor-infiltrating lymphocytes, Achilles must make “significant optimizations before cNeTs could become commercially viable,” Breidenbach tells investors in a research note. He moved to the sidelines pending “more convincing clinical proof-of-concept.”