Needham & Company analyst Alan Carr lowered his price target on Genocea Biosciences (NASDAQ: GNCA) to $15.00 (from $22.00) announced results from its GEN-004 Phase 2 Pneumococcal Pneumonia challenge trial this morning. The firm maintained a Buy rating.

Carr commented, "Although a trend towards improvement over placebo was observed, it was not statistically significant. Mgmt plans to review the data with consultants, but has suspended the program for now. We have removed the program from our model. The news does not impact our view of the GEN-003 program in HSV or the Genocea vaccine platform. We reiterate BUY, but are reducing our price target to $15 (was $22). There is an opportunity for the stock to recover in 1H16 as the company provides updates on the Phase 2 GEN-003 program."

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Shares of Genocea Biosciences closed at $7.23 yesterday.