Joby Aviation sinks after a downgrade from Cantor Fitzgerald

Shares of air taxi maker Joby Aviation fell more than 6% in early trading Thursday following a downgrade to neutral by Cantor Fitzgerald.

According to Cantor, Joby has the highest cash burn rate in the industry. In its most recent quarter, Joby posted a $163 million loss from operations, compared to the $144 million loss from rival Archer Aviation.

Joby, which hopes to one day shuttle passengers Uber-style in electric vertical takeoff and landing aircraft, has seen its shares climb about 35% since it received a $250 million investment from Toyota late last month. Joby and Archer had risen on Monday following an executive order that aims to speed up the adoption of air taxis.

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