Wedbush Remains Sidelined on Fibrocell Science (FCSC) Following Azficel-T Program Failure
Wedbush maintained a Neutral rating on Fibrocell Science (NASDAQ: FCSC), and cut the price target to $1.50 (from $4.00), as the company reports failure of the azficel-T program. FCSC reported that azficel-T missed the primary endpoints assessing change from baseline at four months in mucosal wave grade, voice handicap index and perceptual analysis using grade of dysphonia, roughness, breathiness, asthenia, strain.
Analyst David Nierengarten commented, "With the failure of the azficel-T program and only a few months of cash available, FCSC will require dilutive equity financings in the near term to fund operations. With major catalysts for the company’s earlier stage programs a long ways away, we continue to recommend investors stay on the sidelines."
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Shares of Fibrocell Science closed at $1.26 yesterday.