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UPDATE: Wedbush Securities Downgrades Oncothyreon to Neutral, Lowers PT

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UPDATE: H.C. Wainwright & Co. Initiates Coverage On Oncothyreon On Significant Upside
Events for the Week of Sept. 8-12

In a report published Wednesday, Wedbush Securities downgraded its rating on Oncothyreon (NASDAQ: ONTY) from Outperform to Neutral, and lowered its price target from $31.00 to $2.00.

Wedbush Securities noted, “ONTY continues to develop PX-866, ONTY's pan-PI3K inhibitor, with Phase II studies in lung cancer and colon cancer reading out possibly in H1:13 and head & neck cancer, glioblastoma and prostate cancer possibly by mid-13. Recall, ONTY has several trials on going for PX-866 including, PX-866 + docetaxel in head and neck cancer and NSCLC, PX-866 + cetuximab in head and neck and colorectal cancer, and as monotherapy in a trial in prostate cancer patients as well as in glioblastoma patients. Downgrading to NEUTRAL, lowering price target to $2 from $31. We derive our price target from adding cash/share of $1.60 to a 6x multiple of our estimated 2017 PX-866 revenues, discounted 35% annually.”

Oncothyreon closed on Tuesday at $2.05.

Latest Ratings for ONTY

DateFirmActionFromTo
Oct 2014Wainwright Initiates Coverage onBuy
Mar 2014Canaccord GenuityDowngradesBuyHold
Mar 2014Stifel NicolausMaintainsBuy

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Posted-In: Wedbush SecuritiesAnalyst Color Downgrades Analyst Ratings

 

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