Piper Jaffray Cuts PT on Inovio Pharma (INO) to $13 Following FDA Clinical Hold; Affirms at 'Overweight'
- Wall Street flat as telecom gains fail to counter oil drop
- Equinix (EQIX) Announces $3.6B Acquisition of Data Center Portfolio from Verzion (VZ)
- Deal Progress Said to Slow as Johnson & Johnson (JNJ) Puts Actelion (ALIOY) Under Microscope - Source
- Trump Wants to Cancel New Air Force One Order with Boeing (BA)
- Roper Industries (ROP) to acquire Deltek in $2.8B Deal
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial 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
- UPDATE: Stifel Downgrades PennTex Midstream Partners, LP (PTXP) to Hold
- Oppenheimer Raises Price Target on Bob Evans Farms (BOBE) Following 2Q EPS Beat
- Inovio Pharma (INO) Taps New Funding for MERS Vaccine Development
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!