UPDATE: Jefferies Lowers PT on Pluristem Therapeutics Following Phase 2 Trial Suspension

In a report published Wednesday, Jefferies analyst Eun K. Yang reiterated a Hold rating on Pluristem Therapeutics PSTI, but lowered the price target from $3.50 to $3.00. In the report, Jefferies noted, “On 6/4/13, PSTI announced FDA has placed its Phase 2 for lead stem-cell product candidate PLX-PAD on clinical hold in light of a single episode of serious allergic reaction, creating further uncertainty regarding the timing of Phase 3 initiation (by ~YE13 previously). FDA will issue formal letter with questions and requests for information within the next month.” Pluristem Therapeutics closed on Tuesday at $2.86.