UPDATE: Canaccord Genuity Downgrades Tranzyme to Hold, Lowers PT
In a report published Friday, Canaccord Genuity downgraded its rating on Tranzyme (NASDAQ: TZYM) from Buy to Hold, and lowered its price target from $7 to $1.50.
Canaccord Genuity noted, “Lowering to HOLD, decreasing target to $1.50 on lowered probability of TZP-102 success in diabetic gastroparesis. Our valuation is driven by the TZP-102 for gastroparesis, and after this Ph2b trial miss, we lower our probability of success to 10% from 40%. Our pNPV-derived target of $1.50 is based on TZP-102's chances of clinical and regulatory success.”
Tranzyme closed on Thursday at $0.95.
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