Shareholders of Mirna Therapeutics Inc (NASDAQ:MIRN) are having a rough day, as the company announced its decision to close the ongoing Phase 1 study of MRX34, its investigational microRNA therapy for multiple cancers. The Company voluntarily halted enrollment and dosing in the clinical study following multiple immune-related severe adverse events (SAE) observed in patients dosed with MRX34 over the course of the trial.

Shares of Mirna Therapeutics reacted to the news, falling nearly 24% in early trading.

“Patient safety is the primary objective of our MRX34 Phase 1 clinical trial,” said President and CEO Paul Lammers, M.D., M.Sc. “We made the difficult decision to close the study after a fifth, immune-related serious adverse event was recently reported by one of our clinical sites. This patient experienced severe (Grade 4) cytokine release syndrome and is undergoing treatment. We have notified the U.S. FDA and the Korean FDA of our decision and are in the process of closing the trial.”

Mirna also announced that it will not be initiating a translational medicine study of MRX34 in melanoma patients, planned to begin later this year. The Company will be further analyzing its full preclinical and clinical data set, and will discuss with its advisors, as well as the FDA, possible future development of MRX34 and will provide updates when appropriate. (Original Source)

On the ratings front, MIRN stock has been the subject of a number of recent research reports. In a report released today, Cantor analyst Mara Goldstein downgraded MIRN to Hold. Separately, yesterday, Oppenheimer’s Michelle Gilson assigned a Hold rating to the stock .

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mara Goldstein and Michelle Gilson have a total average return of -1.6% and 49.3% respectively. Goldstein has a success rate of 41% and is ranked #3450 out of 4172 analysts, while Gilson has a success rate of 71% and is ranked #208.

Overall, 4 research analysts have assigned a Hold rating and one research analyst has given a a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $4.00 which is 63% above where the stock closed yesterday.

Mirna Therapeutics, Inc. is a discovery-stage biotechnology that engages in the research and development of microRNA-directed oncology therapies. It its lead product is the MRX34, a product designed to deliver a mimic of the naturally occurring microRNA tumor suppressor miR-34, which is under expressed in a wide variety of cancers.