Stifel Downgrades Nivalis Therapeutics (NVLS) to Hold as Data Suggest No Meaningful Treatment Effect
- Techs buoy S&P, Nasdaq; Goldman pushes Dow to record high
- Buy Any Seasonal Market Weakness Ahead of Year End Rally - Oppenheimer (SPY)
- Oil hits 16-month high in buying rush after OPEC agreement
- Consolidated Communications (CNSL) to Acquire FairPoint Communications (FRP) in $1.5B Deal
- Berkshire Hathaway (BRK-A) Book Value Could Be Boosted by $29B from Trump Tax Plan - Analyst
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Stifel downgraded Nivalis Therapeutics (NASDAQ: NVLS) from Buy to Hold with a price target of $3.25 (from $16.00) after the company released Phase II data for cavosonstat in the treatment of patients with homozygous F508del CF that were stably on Orkambi. Based on the data released there was no treatment effect at 12 weeks for either the 200mg or 400mg dose of the drug as measured by either improvements in FEV1 or reductions in sweat chloride levels. There was an improvement in BMI in both groups that reached statistical significance in a pooled analysis along with transient improvements in sweat chloride levels.
Analyst Thomas Shrader commented, "These results were significantly less compelling than previous results in the SNO4 trial that treated a more difficult population (Exhibit 2). Based on today’s news we are basing our Nivalis price target on the expected cash at the end of 1Q17 – when the ongoing SNO7 trial is complete. We are lowering our rating to Hold."
Shares of Nivalis Therapeutics closed at $6.25 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Goldman Sachs Downgrades Marvell (MRVL) to Sell
- Jefferies Raises Price Target on Parker-Hannifin (PH) Ahead of Acquisition Close
- Deutsch Bank Raises Price Targets on Steel & Service Center Names (AKS) (NUE) (RS) (RYI) (STLD) (X)
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades
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!