Needham & Company Downgrades Chelsea Therapeutics (CHTP) to Hold; Receives Complete Response Letter for Northera

Needham & Company downgraded Chelsea Therapeutics (NASDAQ: CHTP) from Buy to Hold.

Analyst, Alan Carr, said, "We are downgrading because of near-term regulatory risk. We plan to revisit our rating after the company has clarity from the FDA around trial design and adequacy of Study 306b. We believe the stock remains attractive for long-term investors, particularly at current valuation. We believe there is additional value embedded in CH-4051 in RA and have been encouraged by data from an interim analysis in 2011. Final results from this trial are expected 2Q12 and would influence our rating."

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

Shares of Chelsea Therapeutics closed at $3.67 yesterday.

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