Needham & Company Downgrades Neothetics Inc. (NEOT) to Hold

Needham & Company downgraded Neothetics Inc. (NASDAQ: NEOT) from Buy to Hold after the company announced that its pivotal clinical program (consisting of studies AbCONTOUR-1 and -2) evaluating LIPO-202 for the reduction of central abdominal bulging did not meet the primary or any of the secondary endpoints.

Analyst Serge Belanger commented, "NEOT did not provide any results details other than describing them as "unequivocally negative." NEOT expects to provide an update on the LIPO-202 program in the coming weeks or months once it completes the analysis of the AbCONTOUR studies. Given the negative results of the AbCONTOUR study, we don't expect NEOT to continue development of LIPO-202. We are downgrading to HOLD."

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

Shares of Neothetics Inc. closed at $7.13 yesterday.

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