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Matinas BioPharma downgraded to Neutral from Buy at Alliance Global Partners
The Fly

Matinas BioPharma downgraded to Neutral from Buy at Alliance Global Partners

Alliance Global Partners downgraded Matinas BioPharma (MTNB) to Neutral from Buy without a price target after the company announced that negotiations under the previously disclosed non-binding term sheet regarding marketing rights to its oral formulation of amphotericin B have been terminated by the prospective partner. Matinas has implemented an 80% workforce reduction as a result of this event, the analyst tells investors in a research note. The firm says “this is a material negative event for the company that introduces significant uncertainty.” Alliance Global suspects Matinas “is stretching its runway to try and sell/partner the asset.”

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