Perspective Therapeutics downgraded to Neutral from Buy at BofA

BofA analyst Alec Stranahan downgraded Perspective Therapeutics (CATX) to Neutral from Buy with a price target of $6, down from $24, after the company recently shared data for VMT-alpha-NET, which showed an ORR that missed expectations relative to the benchmarks set by competitors. While the firm sees the door being open for Perspective to drive better responses at higher doses, it does not expect data until late-2025 at the earliest, pending FDA opening of Cohort 3. This, combined with initial data for VMT01 in melanoma that showed issues with kidney accumulation limiting dose escalation, could continue to weigh on shares until additional combination studies begin to yield data for VMT01, the analyst tells investors.