Piper Jaffray Cuts PT on Inovio Pharma (INO) to $13 Following FDA Clinical Hold; Affirms at 'Overweight'
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Piper Jaffray cut its price target on Overweight-rated Inovio Pharma (Nasdaq: INO) from $31 to $13 after the company announced that the U.S. Food and Drug Administration (FDA) has placed a clinical hold on its proposed phase III clinical program for VGX-3100.
The firm commented on Monday:
We believe that Inovio may be able to submit this information as soon as YE16, pointing to a 2017, and potentially 1H17, trial start. We are taking our PT to $13 as we think today’s news raises clinical risk for VGX-3100 in the near-term and pushes out already extended timelines to value creation from clinical data and approval for this program. That said, we are believe this device-specific request can be resolved reasonably soon and that it is not, ultimately, a program-stopper for VGX-3100 or Inovio’s other clinical-stage programs. Therefore in advance of anticipated updates regarding the clinical hold for Inovio’s lead program, as well as progress from the earlier-stage pipeline, we reiterate [Overweight].
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Pivotal Research Upgrades Flowers Foods (FLO) to Hold
- Jefferies Adjusts Estimates on Ciena (CIEN) - PT to $29
- Jefferies Raises Price Target on Casey's General Stores (CASY) Following 2Q Earnings Report
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
Related EntitiesPiper Jaffray
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!