UPDATE: Stifel Reiterates On Genocea Biosciences On Attractive Risk/Reward

In a report published Friday, Stifel analyst Stephen Willey reiterated a Buy rating on Genocea Biosciences GNCA, but lowered the price target from $29.00 to $24.00. In the report, Stifel noted, “GAAP net loss of $8.5M, or $(0.53)/share was wider than our/Consensus $(0.43)/(0.50) estimates. R&D Spend increased 34% sequentially (+62% y/y) to support ongoing GEN-003/-004 clinical development. Increased G&A spend (+174% y/y, +21% q/q) reflects higher personnel/operational costs. 3Q14-ended cash/equivalents totaled $52M – which the company expects to provide runway through FY15.” Genocea Biosciences closed on Thursday at $8.84.