UPDATE: Jefferies Reduces PT to $6 on ZIOPHARM Oncology

Jefferies lowers its price target to $6 from $7 on Buy-rated ZIOPHARM Oncology

on a slightly wider loss for Q4. Jefferies notes, "Slightly wider 4Q11 net loss of $13.2M (vs. our est. $11.4M net loss) on ~10% higher OpEx of $16.6M. Our estimated current cash of ~$154M including the recent equity raise of $49M should be sufficient through 1H13." ZIOP closed at $4.61 a share on Thursday.