Stifel Downgrades Threshold Pharmaceuticals (THLD) to Hold
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Stifel downgraded Threshold Pharmaceuticals (NASDAQ: THLD) from Buy to Hold after the company announced negative topline data from both of its Phase III trials for TH-302 in pancreatic cancer and sarcoma.
Analyst Thomas Shrader commented, "Despite very positive phase II data, the pancreatic cancer again narrowly missed the OS endpoint (HR=0.84). The sarcoma trial showed no treatment effect. Based on the overwhelming preclinical data that TH-302 was reaching and penetrating tumors with an active chemotherapy we believe these results cast significant doubt on the fundamental focus of Threshold’s pipeline. The company currently has about $56.4 million in cash and this forms the basis of our valuation."
Shares of Threshold Pharmaceuticals closed at $3.34 yesterday.
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