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Investing.com - H.C. Wainwright downgraded MiNK Therapeutics (NASDAQ:INKT) from Buy to Neutral while maintaining its $35 price target, citing the stock’s remarkable 464% surge over the past week. According to InvestingPro data, the company’s market capitalization now stands at $161.86 million, with the stock trading at $29.03.
The downgrade follows MiNK’s announcement of a publication in Frontiers in Immunology discussing the mechanism of action of CAR-iNKT cells as an off-the-shelf platform for treating solid tumors. The publication, authored by leading experts in iNKT cell biology, highlights how CAR-iNKT cell therapy lacks alloreactivity, minimizing the risk of graft-versus-host disease typically associated with allogeneic cell therapies. InvestingPro analysis shows the company maintains a moderate debt level, though its current ratio of 0.3 indicates short-term liquidity challenges.
H.C. Wainwright noted that iNKT cell therapies have demonstrated differentiated safety profiles with no severe cytokine release syndrome or immune effector cell-associated neurotoxicity syndrome events, which are common with autologous CAR-T therapy. Additionally, these therapies have not required lymphodepletion, unlike CAR-T and CAR-NK therapies.
The firm pointed out that MiNK’s agenT-797 showed cell persistence for up to 6 months post-infusion without lymphodepletion or HLA matching. MiNK is also advancing MiNK-215, its IL-15 armored, FAP-targeting CAR-iNKT cell therapy for treatment of various solid tumors, which is currently in IND-enabling studies.
H.C. Wainwright stated it believes "the majority of the enthusiasm has been priced in for the near-term" and will look to additional updates from the agenT-797 Phase 2 gastric trial in the upcoming months, including potential initial efficacy data in the second half of 2025 or early 2026, to re-evaluate its thesis. Investors should note that MiNK’s next earnings report is scheduled for August 14, 2025, with analysts currently maintaining mixed views on the stock, setting price targets between $35 and $70.
In other recent news, MiNK Therapeutics announced a $50 million at-the-market stock offering through B. Riley Securities, which could provide the company with additional capital to support its operations. This move comes amid challenging conditions for small-cap biotech firms, many of which are seeking to strengthen their balance sheets. Alongside this, MiNK Therapeutics published a peer-reviewed article in Frontiers in Immunology, highlighting the potential of CAR-iNKT cells in treating solid tumors. The research emphasizes the unique capabilities of iNKT cells, including their ability to penetrate tumor microenvironments and their efficacy without requiring lymphodepletion. Furthermore, a case study in Oncogene detailed a patient achieving complete remission from metastatic testicular cancer using MiNK’s iNKT cell therapy, agenT-797, combined with nivolumab. In related developments, William Blair downgraded MiNK Therapeutics from Outperform to Market Perform after a 700% surge in share price, citing that the stock now exceeds their fair-value estimate. The downgrade occurs as MiNK continues its Phase 2 trial in gastric cancer, with additional data expected soon. These developments underscore MiNK’s ongoing efforts to advance its therapeutic pipeline and address unmet needs in cancer treatment.
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