The analyst comments "What's new: Gritstone released additional interim Ph2 GRANITE data in MSS-CRC (press release). While PFS data were directionally positive, we did not see a significant benefit in the overall population, and we do not have confidence in topline results at this time. Data in a subpopulation with low disease burden indicate there could be utility in future studies in the adjuvant or neoadjuvant settings; however, given capital constraints we do not expect GRTS to run these studies. We would change our minds about the stock if : 1) GRTS secures sufficient cash to continue operating the program; and 2) GRANITE demonstrates continued PFS benefit in ctDNA-low patients. Until then, we are on the sidelines and awaiting future updates. Due to our lower confidence in GRTS' neoantigen vaccine programs, we are withdrawing our $5 PT at this time. Downgrading to HOLD from BUY."