Endocyte (ECYT) Removed from Wedbush's Best Ideas List

Wedbush maintained an Outperform rating on Endocyte (NASDAQ: ECYT) but removed the stock from its Best Ideas List. Its price target was reduced to $26.00 (from $65.00).

Analyst Gregory R. Wade said, "The Data Safety Monitoring Board (DSMB) recommended stopping the Phase 3 PROCEED trial of vintafolide in the platinum resistant ovarian cancer (PROC) setting for futility based on PFS data. Management commented that similar PFS results were seen in the control and treatment arms of PROCEED compared to that seen in the treatment arm of the Phase 2 PRECEDENT trial. With this news, we are removing PROC from our model and valuation. We expect Merck to make preparations for a Phase III non-small cell lung cancer (NSCLC) study (Merck’s Investor Briefing is on May 6)."

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 $6.62 yesterday.

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