Baird Downgrades Endocyte (ECYT) to Neutral; EU Conditional Approval Now Decidedly Less Certain

Baird downgraded Endocyte (NASDAQ: ECYT) to Neutral, price target slashed from $17 to $9.

Baird analyst said, "While today's Phase II PRECEDENT trial supplemental analysis provides solid validation of EC145's mechanism, we think the loss of statistical significance in PFS among the ITT population and the survival decrement for the treatment arm makes early conditional approval in the EU much less certain now. Combining this with the Doxil shortage that has suspended Phase III PROCEED trial enrollment, we think stepping to the sidelines for now makes the most sense."

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

Shares of Endocyte closed at $10.29 yesterday.

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