Maxim Group Reiterates Buy Rating, $10 PT on Threshold Pharmaceuticals

In a report published Monday, Maxim Group reiterated its Buy rating and $10.00 price target on Threshold Pharmaceuticals

. Maxim Group noted, “THLD presented detailed analyses of the phase IIb trial (404) of TH-302 in combination with gemcitabine in pancreatic cancer on Saturday, September 29, at the ESMO (European Society for Medical Oncology) meeting. As the company already reported two weeks ago, TH-302 in combination with gemcitabine did not achieve statistically significant improvement in overall survival (OS) vs. gemcitabine alone, despite that it achieved significant improvement in progress free survival (PFS). Saturday's presentation showed that the survival curves of TH-302-plus-gemcitabine-treated patients and gemcitabine-alone-treated patients converged after 12 months in the trial. Meanwhile, the company showed that crossover treatment (gemcitabine-alone-treated patients were allowed to crossover to TH-302-plus-gemcitabine regimen once their disease progressed) might have affected the OS results.” Threshold Pharmaceuticals closed on Friday at $7.24.