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ProNAi shares lose two-thirds after abandoning trials and Wedbush downgrade

ProNAi Therapeutics shares closed down 67.6% at $2.07 after being downgraded by Wedbush brokers to Neutral from Outperform and price target to $3 from $36 after company said it was discontinuing its PNT2258 programme due to a lack of efficacy

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ProNAi: Clinical trial abandoned and broker downgrade

ProNAi Therapeutics (NASDAQ:DNAI) shares closed down 67.6% at $2.07 after being downgraded by Wedbush brokers to Neutral from Outperform and price target to $3 from $36 after company said it was discontinuing its PNT2258 programme due to a lack of efficacy.

Wedbush also said: "we are stepping to the sidelines as the company refocuses to development of PNT141 and looks to acquire additional promising new assets."

Wedbush added: "Interim data from the Wolverine r/r DLBCL study shows only modest efficacy for PNT2258 in evaluable patients, with an 8.1% ORR, and 15% ORR in a response-evaluable subgroup (performance status of 0-1, exposure to 1-3 prior regimens, eight doses of PNT2258 within 35 days of starting therapy). No responses were observed in patients with a performance status (PS) of 2 and/or 4 or more lines of therapy."
 

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NASDAQ:DNAI
Market: NASDAQ
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