Carisma Therapeutics downgraded to Neutral from Outperform at Baird

Baird downgraded Carisma Therapeutics (CARM) to Neutral from Outperform with a price target of $1, down from $10. Carisma earlier this week announced plans to undergo a strategic restructuring, shifting its focus from its lead HER2 ex vivo CAR-M program, CT-0525, toward in vivo pipeline programs, the analyst tells investors in a research note. The firm believes it is likely 12 months before the first internal in vivo program enters the clinic, and is downgrading the shares given the lack of near-term catalysts.