Oppenheimer analysts downgraded Celularity Inc. (NASDAQ:CELU) to perform from outperform due to delays in the development of its CYNK-001 treatment for acute myeloid leukemia (AML). While early data on the treatment was encouraging, the company has struggled to differentiate itself in a competitive market and overcome obstacles in its development. The analysts also noted that there is still a lack of understanding about the potential of NK cells in treating solid cancers, although this could change with the emergence of new data in 2023.

The downgrade of Celularity reflects a broader downgrade of the NK cell therapy space, as companies in the field have faced delays and challenges in the development and clinical testing of their treatments.