Leap Therapeutics downgraded to Neutral from Buy at H.C. Wainwright

H.C. Wainwright downgraded Leap Therapeutics (LPTX) to Neutral from Buy without a price target after the company presented clinical data updates from two ongoing Phase 2 studies, DeFianCe and DisTinGuish evaluating its lead drug, sirexatamab in colorectal cancer and gastroesophageal cancer, respectively. While the data showed that the drug warrants further evaluation as a therapy for a niche colorectal cancer population, it did not show benefit in gastroesophageal cancer, lowering the overall market potential of the drug, the analyst tells investors in a research note. The firm sees no major clinical data updates for at least six months.