Penny Stock Gritstone Bio Hires Advisor To Evaluate Options, Analyst Downgrades Stock As Data 'Insufficient To Excite Many Investors'

Core Insights - Gritstone Bio Inc. announced interim Phase 2 data for its individualized neoantigen-targeting immunotherapy, GRANITE, in frontline microsatellite-stable colorectal cancer (MSS-CRC) [1] - The study compares the clinical benefit of GRANITE combined with immune checkpoint inhibitors and fluoropyrimidine/bevacizumab against the standard treatment of fluoropyrimidine/bevacizumab alone [1] Treatment Efficacy - The most significant benefit was observed in the 50% of patients with lower disease burden at study entry, as indicated by circulating tumor DNA (ctDNA) levels [2] - GRANITE showed a 21% relative risk reduction in progression or death compared to standard of care (SOC) [3] - In the low ctDNA subgroup, there was a 38% relative risk reduction in progression or death with GRANITE compared to SOC [3] Future Plans - Gritstone intends to discuss progression-free survival (PFS) data with the FDA and determine next steps for advancing GRANITE, potentially including a Phase 2 or 3 trial using ctDNA levels as eligibility criteria [3] Financial Advisory and Market Reaction - Gritstone has engaged Raymond James as its financial advisor [4] - JMP Securities downgraded Gritstone from Market Outperform to Market Perform, citing limited paths for meaningful upside despite recognizing the fundamentals of GRANITE technology [4] - Following the news, Gritstone's stock price fell by 57.5% to $0.25 [4]