Caribou Biosciences Inc

Caribou Biosciences shares fell to an all-time low on Wednesday after the cell therapy developer said it will explore strategic alternatives, prompting downgrades from RBC Capital Markets and Leerink Partners. The Berkeley, California-based company announced workforce and cost reductions and plans to halt its allogeneic CAR-T programs, vispa-cel and CB-011. Leerink analyst Daina Graybosch downgraded Caribou to Market Perform from Outperform and cut her price target to $1 from $4, citing the significant capital requirement to fund the planned Phase 3 ANTLER-3 trial for lead asset vispa-cel and decreased visibility into the company as an ongoing business. RBC Capital Markets analyst Luca Issi also downgraded Caribou to Sector Perform from Outperform and slashed his price target to $1 from $10 per share.