Turnstone Biologics price target lowered to $10 from $12 at BofA

BofA lowered the firm’s price target on Turnstone Biologics to $10 from $12 and keeps a Buy rating on the shares. Turnstone had a “disappointing” Q2 update and shares traded down significantly last week, notes the analyst, who has updated the firm’s model to reflect the removal of cutaneous melanoma and breast cancer programs. The firm believes the next data update, expected in the first half of 2025, needs to be “solid” with meaningful patient numbers in order to convince investor to provide additional funding, the analyst added.