Equillium downgraded to Hold from Buy at JonesResearch

JonesResearch downgraded Equillium (EQ) to Hold from Buy without a price target after the company announced that Ono Pharmaceutical (OPHLY) declined the option to acquire itolizumab. Equillium now has full commercial rights, “but there are several roadblocks,” the analyst tells investors in a research note. The firm prefers to wait on the sidelines until Equillium resolves the regulatory and trial design issues.