Loading...
Loading...
In a report published Tuesday, MLV & Co analyst Graig C. Suvannavejh downgraded the rating on
Prana Biotechnology LimitedPRAN from Buy to Hold, and lowered the price target from $11.00 to $3.00.
In the report, MLV & Co noted, “In yet another setback to the Alzheimer's disease (AD) space, PRAN's PBT2 failed to hit the primary endpoint (EP) in the P2b IMAGINE trial for prodromal or mild AD. PBT2 did actually lower brain amyloid as measured by imaging; unfortunately, so did treatment (tx) with placebo (PBO). PRAN remains optimistic (describing the results as ‘uninformative'), but in our mind, prospects of successfully developing PBT2 for AD have lessened quite dramatically. As a result, we now lower to a Hold/$3 PT from Buy/$11. At $3, we have not completely written off PBT2 in AD; doing so would've lowered our DCF to $2.50 (the value we assign for PBT2 in Huntington disease). Last remaining hopes for PBT2 in AD likely now rest upon data from a current 12-mo. extension study, but that probably won't read out until 1H15.”
Prana Biotechnology Limited closed on Monday at $2.80.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in