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Investing.com - William Blair downgraded MiNK Therapeutics (NASDAQ:INKT) from Outperform to Market Perform on Monday, following a dramatic 700% share price increase. According to InvestingPro data, the stock’s RSI indicates overbought territory, with an extraordinary 815% return in just the past week. The company’s market capitalization now stands at $255.76 million.
The stock surge occurred after MiNK announced on Friday, July 11, a publication in Nature’s Oncogene describing a patient with treatment-refractory testicular cancer who achieved complete remission after treatment with Opdivo plus agenT-797 in the company’s Phase I trial.
William Blair noted that while MiNK had previously disclosed this patient case during its first-quarter earnings release, the publication provided additional details on the patient’s prior therapies, cell persistence, and other biomarkers.
The research firm explained that MiNK shares now exceed their previous fair-value estimate of $33, prompting the downgrade to Market Perform.
William Blair’s rating change comes ahead of additional data expected from MiNK’s ongoing gastric cancer trial and as the company works to secure necessary funding to expand its pipeline.
In other recent news, MiNK Therapeutics announced the publication of a case study in the journal Oncogene detailing a complete remission in a patient with metastatic testicular cancer after treatment with its iNKT cell therapy, agenT-797. This patient had previously undergone multiple unsuccessful treatments, including chemotherapy and stem cell transplant, before achieving remission with agenT-797 combined with nivolumab. The therapy was well-tolerated, with no significant side effects reported, and the patient remained disease-free for over two years. Additionally, MiNK Therapeutics presented promising data from its Phase 2 trial in second-line gastric cancer, showing extended survival beyond 12 months in some patients.
H.C. Wainwright has maintained a Buy rating on MiNK Therapeutics, reiterating a $35.00 price target following these developments. The company’s ongoing Phase 2 trial in gastric cancer continues to enroll patients, with more results expected soon. In a separate development, MiNK Therapeutics received a grant from the National Institutes of Health to advance its allo-iNKT cell therapy for graft-versus-host disease. This grant aims to support the development of therapies that could prevent this serious condition following stem cell transplants. MiNK Therapeutics is also exploring other immune technologies, including T cell receptor-based therapies and neoantigen discovery tools.
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