Friday turned out to be a nightmare for Opexa Therapeutics Inc (NASDAQ:OPXA) investors, after the drug maker announced that its Phase 2b Abili-T clinical trial designed to evaluate the efficacy and safety of Tcelna (imilecleucel-T) in patients with secondary progressive multiple sclerosis failed to meet its primary endpoint of reduction in brain volume change (atrophy), nor did it meet the secondary endpoint of reduction of the rate of sustained disease progression.
Opexa shares reacted to the news, crashing nearly 60% to $1.35 in early trading Friday.
“We are disappointed that Tcelna did not meet the predefined endpoints in the Abili-T trial,” said Neil K. Warma, President and Chief Executive Officer of Opexa. “We will evaluate the full data set over the coming weeks and review cash preservation options while we consider the best path forward for the company.”
Abili-T is a 183-patient, randomized, double-blind, placebo-controlled Phase 2b study that was conducted at 35 clinical trial sites in the U.S. and Canada. Patients in the Tcelna arm of the study received two annual courses of Tcelna treatment consisting of five subcutaneous injections per year.
“We would like to express our sincere thanks to the patients in the Abili-T trial, as well as to the principal investigators and study coordinators, for their contributions to the study,” said Mr. Warma. (Original Source)
On the ratings front, Opexa Therapeutics has been the subject of a number of recent research reports. In a report issued on September 20, Maxim analyst Jason McCarthy reiterated a Buy rating on OPXA, with a price target of $18, which implies an upside of 429% from current levels. Separately, on August 12, Chardan’s Keay Nakae reiterated a Buy rating on the stock and has a price target of $6.00.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason McCarthy and Keay Nakae have a yearly average loss of 9.7% and 25.5% respectively. McCarthy has a success rate of 27% and is ranked #3987 out of 4188 analysts, while Nakae has a success rate of 23% and is ranked #3998.
Opexa Therapeutics, Inc. engages as a biopharmaceutical company which develops personalized immunotherapy with the potential to treat major illnesses including multiple sclerosis and other autoimmune diseases.