Lyell Immunopharma double downgraded to Underperform at BofA after reorg

As previously reported, BofA downgraded Lyell Immunopharma (LYEL) to Underperform from Buy with a price target of $1, down from $6, following the company’s pipeline reorganization and discontinuation of CAR-T LYL797. The acquisition of ImmPACT Bio for its CAR-T IMPT-314 “raises eyebrows” and complicates the story, says the analyst, who recognizes ‘314’s value proposition but thinks the program risks becoming a distraction with resources limited and competition growing.