HCW lowers Trillium Therapeutics PT to $4 from $10 on dilution

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H.C. Wainwright lowered its price target for Trillium Therapeutics (NASDAQ:TRIL) to $4 from $10, citing dilution from a $15-million financing on March 8. The stock closed at 67 cents on March 11.

Analyst Swayampakula Ramakanth writes that Trillium currently has a pro forma cash position of $65-million, which he believes is sufficient to maintain operations until the second quarter of 2020.

Mr. Ramakanth said he expects updates in the second half of 2019 from Trillium’s Phase 1 testing of its TTI-621 drug candidate in patients with mycosis fungoides and diffuse large B-cell lymphoma, and with TTI-622 in patients with advanced lymphomas or multiple myeloma.

Trillium previously presented positive interim results for TTI-621. The second half update would be the “first look at TTI-622 clinical results, which could be a major catalyst for the stock,” he added.

Stephen Kilmer