Carisma Therapeutics downgraded to In Line from Outperform at Evercore ISI

Evercore ISI downgraded Carisma Therapeutics (CARM) to In Line from Outperform with a price target of 70c, down from $4. With its second major pipeline shift this year, Carisma is focusing on in vivo CAR-M for liver fibrosis while collaborating with partner Moderna (MRNA) on oncology and autoimmune disease, but with a line of sight to an IND 2026, Carisma is now “back in preclinical stage for its wholly owned pipeline,” the analyst tells investors. Given that the company is a couple of years away from a meaningful data catalyst, and in light of the cash runway, the firm reduced its price target and rating.