Piper Jaffray Maintains a 'Buy' on Osiris Therapeutics (OSIR); Removes From PJC Alpha List
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Piper Jaffray & Co. maintains a 'Buy' rating on Osiris Therapeutics (Nasdaq: OSIR) but removes stock from the PJC Alpha list. Price target lowered to $18 from $27.
Piper analyst says, "This morning Osiris discontinued enrollment in the Phase II/III pivotal trial of Prochymal in refractory Crohn's disease. The action was prompted when an interim safety analysis by the DSMB showed that one of two arms in the trial had reached a futility boundary for efficacy...Clearly this is a setback for Osiris. Although we had always viewed refractory Crohn's as a tough indication, it was a substantially larger opportunity that is now significantly delayed at best...Importantly, we do not believe the discontinuation of the study endangers the overseas Genzyme alliance signed last November, although clearly pushes out potential Crohn's milestones and royalties."
To see more analyst ratings on OSIR Click Here.
Osiris Therapeutics, Inc. (Osiris) is a stem cell therapeutic company, focused on developing and marketing products to treat medical conditions in the inflammatory, orthopedic, and cardiovascular areas.
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