UPDATE: Wedbush Downgrades Prosensa Following Bad News About Drisapersen
In a report published Monday, Wedbush analyst Christopher N. Marai downgraded the rating on Prosensa Holding NV (NASDAQ: RNA) from Outperform to Neutral, and lowered the price target from $50.00 to $7.00.
In the report, Wedbush noted, “GSK and RNA announced Friday that the primary endpoint of their Phase III trial for drisapersen was not met. The company reported a difference in 6MWD of 10.33m (p=0.415) between drisapersen and placebo. Additionally, there were no treatment differences observed in key secondary assessments of motor function. Preliminary analysis of Phase III results discussed on RNA's call suggest that the anticipated causes for concern with this trial did not result in its failure, which we believe call into question drisapersen's therapeutic activity.”
Prosensa Holding NV closed on Friday at $7.14.
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