Leerink Partners Downgrades Mirna, Inc. (MIRN) to Market Perform
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Leerink Partners downgraded Mirna, Inc. (NASDAQ: MIRN) from Outperform to Market Perform with a price target of $4.00 (from $10.00). Analyst Michael Schmidt noted uncertainties around the development path and safety profile of lead product candidate MRX34.
"MIRN is an early stage biotech company focused on the development of first-in-class micro-RNA mimetics (miRNAs). While miRNAs represent an intriguing emerging new class of therapeutic targets, recent company updates render us more cautious on the prospects for MIRN shares. MIRN reported today that an additional likely treatment-related death in its ongoing Ph Ib dose-expansion trial of MRX34 occurred. While MIRN plans to continue enrolling the study, previously announced Ph II plans in renal cell carcinoma (RCC) and melanoma by year-end are no longer planned. This follows development changes announced earlier this year, where mgmt. changed the planned broad 100-patient Ph Ib program for MRX34 (originally expected to complete by YE16) to a more abbreviated Ph Ib program based on the emerging efficacy/safety profile of the agent," said Schmidt.
"With new safety issues, we expect clinical development of MRX34 to be more complex and prolonged than originally anticipated while regulatory risk increases. Our new PT of $4 (from $10 previously) reflects MIRN's cash on the balance sheet as well as reduced assumptions for market opportunity, timelines and probability-of-success for MRX34, given the added development risks. Our model has been updated for results for 2Q16, which MIRN ended with $73M in cash and equivalents, which mgmt expects to fund operations into 2018," added the analsyt.
Shares of Mirna, Inc. closed at $4.02 yesterday.
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