Leerink Partners maintained an Outperform rating on Cerulean Pharma (NASDAQ: CERU), and cut the price target to $8.00 (from $10.00), following the company's 4Q.

Analyst Michael Schmidt commented, "CERU reported 4Q results and provided an update on its clinical nanoparticle drug-conjugate (NDC) pipeline consisting of CRLX101 (campothecin-NDC) in 3rd/4th line renal cell carcinoma (RCC) and relapsed ovarian cancer, and CRLX301 (docetaxel-NDC, currently in Ph I). CERU’s technology allows tumor-targeted delivery of potent, but intolerable drugs, overcoming some of the systemic toxicities associated with these agents and enabling combination with other drugs (e.g., VEGF or PARP inhibitors). We're updating our estimates to reflect 4Q15 results and are adjusting our price target to $8 from $10 on our updated views of development risk and market opp'ty. CERU ended 4Q with $76M in cash, providing runway into 2017. Maintaining OP rating."

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Shares of Cerulean Pharma closed at $2.17 yesterday.