As the biotech community debates Opexa Therapeutics Inc’s (NASDAQ:OPXA) clinical trial setback in Secondary Progressive Multiple Sclerosis (SPMS), Maxim analyst Jason McCarthy added further fuel to the fire, downgrading the stock from Buy to Hold, while removing his $18 price target. Opexa shares are currently trading at $1.02, down $2.38 or 70%.
McCarthy noted, “So, what now? We have not yet spoken to management and have not seen the complete data, but at this point we think it is unlikely that Tcelna can move forward in MS. There are other programs such as NMO that may be able to move forward, but we will need to better understand the implications of today’s news for the company’s ability to continue to develop this program and the data implications in other programs. We also have some concerns that its cash balance is low.”
As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jason McCarthy has a yearly average loss of 9.7% and a 27.5% success rate. McCarthy is ranked #3987 out of 4188 analysts.
As of this writing, all the 3 analysts polled by TipRanks rate Opexa Therapeutics stock a Hold.