Jefferies maintained a Buy rating on Auris Medical Holding AG (NASDAQ: EARS), and cut the price target to $8.00 (from $12.00), following the company's 4Q. Although management continues to see enrollment completion for TACTT2 this month, the topline results for both TACTT trials are delayed.

Analyst Chris Howerton commented, "We are pushing out pot'l '101 launch to 2018 & slightly lowering peak sales due to data delays (~$324M vs ~$338M prev). '111 development is on schedule with HEALOS ~15% enrolled, and ASSENT exp to initiate in mid-16. Mgmt expects current cash of ~$51M to fund operations to ~Fall-17. As a result of the '101 delay, we are lowering our PT to $8 (vs $12 prev)."

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Shares of Auris Medical Holding AG closed at $4.79 yesterday.