Rakovina Therapeutics Inc. Receives Downgrade from First Berlin Equity Research

First Berlin Equity Research has lowered its rating for Rakovina Therapeutics Inc., reducing the price target from CAD 4.00 to CAD 0.25. Analyst Alexander Rihane has reclassified the stock to "Add" based on recent company developments.

Rakovina Therapeutics has shown progress in its AI-driven preclinical pipeline since April 2025, particularly with the kt-5000 program. This dual ATR/mTOR inhibitor has demonstrated strong CNS penetration and tumor efficacy. Nonetheless, its kt-2000 PARP1 program did not meet expectations, highlighting the need for further optimization.

The company aims to secure a licensing deal for the kt-5000 asset by 2028, anticipating an upfront payment of CAD 30 million. Capital increases in 2026 and 2027 are projected to support this goal. Due to delays and a share price drop, dilution estimates have risen significantly.