As previously reported, Guggenheim analyst Michael Schmidt downgraded Five Prime Therapeutics to Neutral from Buy and removed his previous $15 price target on the stock. The company's Phase Ib/II data on FPA150 reported at the ESMO congress demonstrated "modest" efficacy in B7-H4-high patients at the expansion dose, said Schmidt. He also thinks that the recent departure of CEO Aron Knickerbocker following CSO Bryan Irving's exit does not inspire confidence in the company's platform and pipeline. Five Prime also has low visibility on its out-licensed programs, according to Schmidt.