Wednesday, January 06, 2016 5:00:11 PM
"Maxim Group analyst Jason Kolbert lowered his price target on Caladrius Biosciences (NASDAQ: CLBS) to $4.00 (from $12.00) but maintained a Buy rating.
Kolbert highlighted:
We have reviewed the fundamentals of Caladrius and see the next major event for the company as results from the current phase III pivotal trial. The trial is currently enrolling and is expected to be fully enrolled by year end 2016. Interim results from the trial are expected at 99 events (deaths) and study will continue until 162 events occur, projected by year end 2018.
We believe the study is a good one and the basis (the PII trial) is strong. Ultimately this trial is a major event for the company (and yes, we have a positive bias) however proof of concept data (POC) really doesn't arrive for another two years. The field is also competitive with checkpoint inhibitors and a range of other immune based therapies now in development as well. As such we see an over-all high(er) risk right now compelling us to increase our therapeutic risk cut in our product model.
As such we have increased our risk cut in our product model from 50% to 75% and revised our timing assumptions. As a result the impact is our price target falls to $4 from $12."
http://www.streetinsider.com/Analyst+Comments/Caladrius+Biosciences+%28CLBS%29+PT+Cut+to+$4+at+Maxim+Group%3B+Buy+Maintained/11171945.html
LEGEND OF ABBREVIATIONS
B = Brilacidin, the antibiotic
K = Kevetrin, the oncology drug
P = Prurisol, the psoriasis drug
SAE = Serious Adverse Event
IND = Investigational New Drug
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