Canaccord analyst Edward Nash downgraded Oramed to Hold from Buy with a price target of $3, down from $30, after the company announced its Phase 3 ORA-D-013-1 study of ORMD-0801 did not meet the primary endpoint and also missed the key secondary endpoint. As a result, the company discontinued the oral insulin program in T2D and Nash sees "no further value in the clinical pipeline as it stands," noting that his $3 price target is based on the current cash per share value.
Published first on TheFly
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