Piper Jaffray Cuts PT on Inovio Pharma (INO) to $13 Following FDA Clinical Hold; Affirms at 'Overweight'
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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].
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