Cancer Drug Developer Y-mAbs Therapeutics Stock Drops After Analyst Downgrade

Company Receives 'Buy' Rating and $21.00 Target Price

Morgan Stanley Lowers Price Objective

Y-mAbs Therapeutics (NASDAQ: YMAB), a cancer drug developer, saw its stock decline on Monday after Morgan Stanley downgraded the company's rating and lowered its price objective.

Morgan Stanley issued a 'buy' rating and a $21.00 target price on the stock. However, the firm also lowered its price objective from $24.00 to $21.00, citing concerns about the company's pipeline and competition.

Y-mAbs Therapeutics' stock fell over 11% in premarket trading on Monday, indicating that investors were disappointed with the downgrade.