Baird Downgrades Nivalis Therapeutics (NVLS) to Neutral Following Clinical Failure
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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.
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