Leap Therapeutics downgraded to Neutral from Outperform at Baird

Baird downgraded Leap Therapeutics (LPTX) to Neutral from Outperform with a price target of $1.25, down from $9, after after the company announced results from Phase 2 trials of sirexatamab in colorectal cancer and gastric cancer. The response rate data provides “some good support” that sirexatamab has activity in cancers, but the “mixed and inconclusive” survival data to date, along with a “worsened” financial overhang after the stock reaction, leave Baird questioning the viability of Leap’s path ahead, the analyst tells investors in a research note.