UPDATE: Brean Capital Assumes Ohr Pharmaceutical (OHRP) at Hold
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
(Updated - October 4, 2016 10:16 AM EDT)
Brean Capital assumed coverage on Ohr Pharmaceutical (NASDAQ: OHRP) with a Hold rating.
Analyst Jason Wittes said, "Ohr Pharmaceutical, Inc. (NASDAQ: OHRP) has approximately $17 million in cash as of June 30th. With the initiation of a large Phase III underway for Squalamine, Ohr must engage a partner or raise a considerable amount of capital. We believe that expenses will increase significantly, putting the company in a tight spot for negotiation—despite promising Phase II results and the increasing strategic value of a PDGF inhibitor that works in conjunction with Anti-VEGFs for Wet AMD. There remains significant upside if Ohr can find a suitable partner, but the risk is enough to keep us on the sidelines for now. Squalamine is a small molecule that, unlike competing biologic approaches, can be administered through eye drops, not requiring co-formulation or an additional infusion. Ohr has commenced the first of two planned Phase III trials in Wet AMD, on track with its target timeline. The first randomized, double-blind, placebo-controlled Phase III trial will enroll about 650 treatment naïve Wet AMD patients across approximately 165 sites in the U.S. and Canada. The primary efficacy endpoint is the change in visual function at nine months—and the company has restricted occult lesion size to <10mm2 , which is potentially an issue with competing anti-PDGF trials including OPTIK’s ongoing Phase III and REGN’s (REGN $402.82, Buy) recently failed ph2 (Eylea with Rinucumab)."
Shares of Ohr Pharmaceutical closed at $2.80 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Stifel Upgrades PayPal (PYPL) to Buy Following 'Solid' Q3 Results
- Nomura Securities Upgrades Chesapeake Energy (CHK) to Neutral
- Jefferies Cuts Price Target on Boston Beer Co. (SAM) to $140 Following Weak 3Q
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, New Coverage
Related EntitiesBrean Capital
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!