UPDATE: JMP Securities Downgrades PLx Pharma (PLXP) to Market Perform

August 15, 2022 3:11 AM EDT
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Price: $0.65 +22.64%

Rating Summary:
    3 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 10 | Down: 4 | New: 31
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(Updated - August 15, 2022 5:15 AM EDT)

JMP Securities analyst Jason Butler downgraded PLx Pharma (NASDAQ: PLXP) from Market Outperform to Market Perform.

The analyst comments "Stepping to the sidelines as PLx Pharma explores strategic alternatives; we lower our rating to Market Perform from Market Outperform. PLX Pharma reported 2Q22 financial results behind our and consensus, primarily due to lower-than-expected Vazalore sales this quarter ($0.5MM vs. JMPe/consensus $3.3MM/$3.6MM, respectively). Management pointed to multiple macro headwinds that are impacting the launch. The company disclosed that it is exploring strategic options to maximize the value of Vazalore and has implemented a more cost-conscious marketing plan, focused on virtual and digital activities and scaled down in-person detailing. PLX ended the quarter with ~$36MM in cash with an estimated cash runway into 2Q23."

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

Shares of PLx Pharma closed at $1.64 yesterday.

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