MiNK Therapeutics Downgraded to Market Perform by William Blair

William Blair analyst Matthew Phipps downgraded MiNK Therapeutics (INKT) to Market Perform from Outperform on valuation grounds after the company's 700% rally. The firm cited the publication of a patient with treatment-refractory testicular cancer treated with Opdivo plus agenT-797 in the Phase I trial achieving a complete remission. MiNK shares traded up over 700% and exceeded the firm's previous fair value estimate of $33. However, the shares are now down 27% to $47.00 in premarket trading.

MiNK Therapeutics (INKT) stock experienced a significant drop on Monday, July 2, 2025, following a dramatic 700% rally on Friday, July 11, 2025. The stock traded up to $64.17 before retreating in premarket trading, down 27% to $47.00. The decline came after William Blair analyst Matthew Phipps downgraded the stock from Outperform to Market Perform on valuation grounds.

The surge in MiNK Therapeutics' stock price was driven by the publication of a case report in Nature's Oncogene detailing a patient with treatment-refractory testicular cancer who achieved complete remission after treatment with Opdivo plus AGENT-797 in the company's Phase I trial [1]. The patient had previously undergone multiple unsuccessful treatments, including chemotherapy and stem cell transplant, before achieving remission with AGENT-797 combined with nivolumab.

While the clinical results were encouraging, the stock had exceeded the firm's previous fair-value estimate of $33 following Friday's rally. The downgrade comes as the analyst awaits additional data from MiNK's ongoing gastric cancer trial and clarity on how the company will secure necessary funding to expand its pipeline [2].

MiNK ended the first quarter with only $3.2 million in cash, raising concerns about its ability to fund ongoing research without additional capital. The company's market capitalization now stands at $255.76 million [3].

References:
[1] https://www.oncologypipeline.com/apexonco/how-mink-stole-nk-t-show
[2] https://www.investing.com/news/analyst-ratings/william-blair-downgrades-mink-therapeutics-stock-to-market-perform-after-700-surge-93CH-4133706
[3] https://finance.yahoo.com/news/mink-therapeutics-stock-falls-william-120438127.html