Raymond James downgraded Mural Oncology (MURA) to Outperform from Strong Buy with a price target of $6, down from $18, after the company announced the interim overall survival analysis of the Phase 3 ARTISTRY-7 in platinum-resistant ovarian cancer did not hit statistical significance and will not be progressing to final analysis. The firm downgraded the shares post the data but notes Mural is still on-track to share top-line results from the potential registrational, Phase 2 trial in mucosal melanoma, ARTISTRY-6, Cohort 2, evaluating nemvaleukin monotherapy in Q2. Mural is trading below its cash value around $6.50 per share, the analyst tells investors in a research note.
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