Stifel analyst Stephen Willey said NewLink Genetics' approximately 2-month delay in starting patient enrollment into the randomized portion of the Phase 3 Indigo301 trial is an incremental negative, but noted that management remains confident in its ability to implement the "fundamentally-simple changes" needed and the delay may actually provide increased flexibility in terms of strategically pivoting off Phase 3 ECHO-301 data. He has "conservatively" pushed-out indoximod launch timelines and lowered his price target on NewLink shares to $21 from $25, but maintains a Buy rating on the stock.