Jefferies Cuts Price Target on Kadmon (KDMN) to $10 Following 3Q
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Jefferies maintained a Buy rating on Kadmon Holdings (NYSE: KDMN), and cut the price target to $10.00 (from $12.00), following the company's 3Q earnings report. KDMN reported Q3 revenues of $5.7M compared to JEF estimates of 3.8M & EPS of ($4.23) vs. estimates of ($0.90). KDMN is expected to present on 13 patients treated with tesevatinib at IASCL, taking place from Dec 4-7th.
Analyst Biren Amin commented, "KDMN release 3Q16 financial data and provided a pipeline update. The company is on track to present data for tesevatinib in NSCLC with CNS involvement this Dec 2016 at IASCL, with add'l topline data in 1Q17. For KD025, the company expects to complete enrollment in psoriasis in 1H17, and expects data in IFP and cGVHD in mid-2017. Lastly, for KD034 KDMN guided to an aNDA submission in December for two trientine formulations."
Shares of Kadmon Holdings closed at $5.48 yesterday.
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