Stifel Downgrades Nivalis Therapeutics (NVLS) to Hold as Data Suggest No Meaningful Treatment Effect
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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.
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