Jefferies Downgrades ZIOPHARM Oncology (ZIOP) to Hold on Increased Risks

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Jefferies downgraded ZIOPHARM Oncology (NASDAQ: ZIOP) from Buy to Hold with a price target of $4.00 (from $7.00) on increased clinical/regulatory risks.

The firm comments, "ZIOP's lead drug palifosfamide Ph3 data for mSTS is expected in end-1Q13 (vs. YE12 previously). Experts discussions indicate ~40-50% probability for ~3-month PFS benefit; even with ~3-mo PFS benefit, experts view <50% probability for meeting OS endpoint. Additionally, experts view OS benefit likely needed for FDA approval, contrary to ZIOP. Downgrading ZIOP to Hold from Buy on what we view as increased clinical/regulatory risks."

FY13 EPS goes down from ($1.20) to ($1.24).

For an analyst ratings summary and ratings history on ZIOPHARM Oncology click here. For more ratings news on ZIOPHARM Oncology click here.

Shares of ZIOPHARM Oncology closed at $4.44 yesterday, with a 52 week range of $3.36-$6.33.

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