Oppenheimer Downgrades Intec Pharma Ltd. (NTEC) to Perform

Oppenheimer analyst Jay Olson downgraded Intec Pharma Ltd. (NASDAQ: NTEC) from Outperform to Perform.

The analyst commented, "The Ph3 ACCORDANCE study comparing NTEC's Accordion Pill Carbidopa/Levodopa (AP-CD/LD) to Immediate Release (IR-CD/LD) failed to detect a statistically significant difference on the primary endpoint of OFF-time change from baseline in patients with Parkinson's disease (PD). While these are top-line results and we await details, we believe this failure is a major setback for NTEC and remove AP-CD/LD from our model, thereby updating our revenue and earnings estimates for NTEC. Besides PD, NTEC still has additional opportunities with other drugs including proprietary partnerships with Novartis and Merck. Because we are uncertain about the read across from AP-CD/LD to other AP applications in different diseases beyond PD, we downgrade NTEC to Perform from Outperform and remove our PT at this time."

For an analyst ratings summary and ratings history on Intec Pharma Ltd. click here. For more ratings news on Intec Pharma Ltd. click here.

Shares of Intec Pharma Ltd. closed at $2.99 yesterday.

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