Baird Downgrades Nivalis Therapeutics (NVLS) to Neutral Following Clinical Failure
- Netflix, Inc. (NFLX) Tops Q4 EPS by 1c; Subs Beat Views
- S&P 500 ends up slightly with boost from financials; Netflix up late
- Nestle Said Examining Takeover of Mead Johnson (MJN) - Source
- La Quinta Holdings (LQ) Gains on Plan to Split in Two
- After-Hours Stock Movers 01/18: (OCLR) (CSX) (NFLX) Higher; (AMDA) (RCII) (ZYNE) Lower (more...)
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Baird downgraded Nivalis Therapeutics (NASDAQ: NVLS) from Outperform to Neutral with a price target of $3.00 (from $29.00) after clinical trial failure.
Analyst Brian Skorney commented, "Nivalis announced that the company's flagship proof-of-concept study of cavosonstat in combination with Vertex's Orkambi failed to show an improvement in lung function. Although a second study is still ongoing, we believe the absence of any clinical effect indicates that cavosonstat isn't a relevant drug for cystic fibrosis. At this point, we are assuming that the company will wind down operations after completing the ongoing Kalydeco combination study. We are lowering our price target to $3."
Shares of Nivalis Therapeutics closed at $6.25 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Piper Jaffray Downgrades CoLucid Pharmaceuticals (CLCD) to Neutral Amid Takeover
- Wedbush Remains Bullish on Nexstar Broadcasting (NXST) - PT to $75
- Jefferies Raises Price Target on Symantec (SYMC) to $27; Reiterates Hold
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades
Related EntitiesRobert W Baird
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!