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Thursday turned out to be a nightmare for Trillium Therapeutics Inc. (NASDAQ:TRIL) investors, after initial data for the company’s lead cancer drug TTI-621, which were released this morning in an ASH abstract, raised safety concerns. Mild to moderate infusion-related events were reported in the majority of patients, as were transient, dose-dependent reductions in platelets and leukocytes following infusion.

Trillium Therapeutics shares reacted to the news, collapsing 50% to $7.35 in Thursday’s trading session.

“TTI-621 is a decoy receptor that blocks CD47 – a ‘do not eat’ signal that is a key regulator of innate and adaptive immunity,” commented Trillium’s Chief Medical Officer, Eric Sievers, MD. “Having established a well-tolerated dose and schedule of TTI-621, we are enthusiastic to characterize safety and anti-tumor activity across multiple blood cancers. In addition, we look forward to evaluating TTI-621 in combination with rituximab.”

On the ratings front, Trillium Therapeutics has been the subject of a number of recent research reports. In a report released yesterday, Cowen analyst Boris Peaker reiterated a Buy rating on TRIL. Separately, Leerink Swann’s Michael Schmidt also reiterated a Buy rating on the stock .

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Boris Peaker and Michael Schmidt have a yearly average return of 6.4% and 7.7% respectively. Peaker has a success rate of 39% and is ranked #457 out of 4165 analysts, while Schmidt has a success rate of 47% and is ranked #341.

Trillium Therapeutics, Inc. operates as a biotechnology company, which is engaged in the business of developing stem cell-based therapeutics through partnerships with research institutions or technology transfer organizations. It operates through single segment include Research and Development of Immunotherapy Drugs for the treatment of cancer. The company has two premier preclinical programs, SIRPaFc and a CD200 monoclonal antibody (mAb), which target two key immunoregulatory pathways that tumor cells exploit to evade the host immune system.