Cellectis

Citizens Capital Markets downgraded Cellectis to Market Perform from Market Outperform, sending the French biotech's ADRs lower for a second straight session on Tuesday. The downgrade follows the Paris-based company's strategic transformation to prioritize its in vivo gene editing candidates, HEAL-101 and HEAL-201, targeted at cardiovascular diseases, while discontinuing development of its CAR-T cell therapies lasme-cel and eti-cel. Citizens analyst Silvan Turkcan said the shift could delay related clinical catalysts to late 2027 or 2028, adding that early biomarkers may not be very helpful in de-risking a program. With Cellectis shares trading at roughly a 28% discount to its $169M worth of cash reserves, Turkcan argued the company is fairly valued in line with biotech peers facing similar uncertainties.

Cellectis reported a first-half GAAP loss of $0.39 per share, with revenue of $14.45 million, a decline of 52.2% year over year. The results were disclosed in a Cellectis press release. The company's shares trade under the ticker CLLS. No further financial details were provided in the release.