BMO Capital Cuts Price Target as Tokai Pharma (TKAI) Stops ARMOR2 Trial Enrollment
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BMO Capital maintained a Market Perform rating on Tokai Pharmaceuticals (NASDAQ: TKAI), and cut the price target to $1.15 (from $1.70), following the company stops enrollment for the Phase II ARMOR2 expansion trial. Additionally, the Phase II study evaluating galeterone in mCRPC patients who rapidly progress on either enzalutamide or abiraterone will not be initiated.
Analyst Do Kim commented, "We are lowering our TP to $1.15 from $1.70, following 2Q16 actuals and as enrollment for the Phase II ARMOR2 expansion trial is halted. We expect TKAI shares to reflect the cash balance, less the expected burn. Tokai will also not proceed with the Phase II trial evaluating galeterone in mCRPC patients with acquired resistance to enzalutamide or abiraterone."
Shares of Tokai Pharmaceuticals closed at $1.36 yesterday.
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