Needham & Company Drops Coverage of KaloBios Pharma (KBIO)

Needham & Company dropped coverage of KaloBios Pharma (NASDAQ: KBIO).

Analyst Alan Carr commented, "Kalobios announced last week plans to wind down operations and liquidate company assets. Management had expressed concern at the time that it was unlikely efforts to explore strategic alternatives would result in a viable transaction prior to depletion of cash. Kalobios ended 2Q15 with $23.2M in cash and subsequently repaid in full its outstanding $6.6M secured loan obligation.

SEC filings yesterday indicate a turnover in ownership, raising more questions with respect to future direction of the company. Because the company is not a fit with our current coverage strategy, we are DROPPING COVERAGE."

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