Mirna Therapeutics (MIRN): Cutting PT After The MRX34 Program Was Terminated - Leerink
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Leerink Partners analyst, Michael Schmidt, reiterated his Market Perform rating on shares of Mirna Therapeutics. (NASDAQ: MIRN) after the company announced termination of the ongoing Phase I trial and all planned future trials of lead product candidate MRX34 following the occurrence of additional severe adverse events in the study.
The price target drops to $1.50 from $4.00. MIRN ended 2Q16 with $73M in cash, and mgmt. guided to ~$6M near-term cash burn per quarter. This new PT reflects MIRN's estimated cash balance in 1 year.
Shares of Mirna, Inc. closed at $2.46 yesterday.
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