Oppenheimer Downgrades Mirna, Inc. (MIRN) to Perform
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Oppenheimer downgraded Mirna, Inc. (NASDAQ: MIRN) from Outperform to Perform after the company announced that the company is closing its Phase 1 study of MRX34, following a fifth immune-related serious adverse event.
Analyst Michelle Gilson commented, "Given uncertainty on the path forward for lead candidate MRX34, we are downgrading MIRN shares to Perform from previous Outperform, and removing our previous $7 price target. Mirna voluntarily halted enrollment and dosing in the study and will update investors on the path forward when appropriate. We previously identified a clinical hold as a key risk to our investment thesis for MIRN shares, following 2Q16 earnings and announcement of the fourth irSAE. Additionally, Mirna will not be initiating the translational medicine study of MRX34 in melanoma patients, previously anticipated to begin by YE2016."
Shares of Mirna, Inc. closed at $2.46 yesterday.
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