In a report released today, Jason McCarthy from Maxim Group downgraded Proteon (PRTO) to Hold. The company’s shares opened today at $0.58, close to its 52-week low of $0.53.
McCarthy noted:
“Proteon announced that the second phase 3 study of vonapanitase failed to reach statistical significance on both co-primary endpoints; secondary patency and fistula use for hemodialysis. The company is evaluating its strategic options and has $16.5M in cash on the balance sheet. Shares are down sharply (~83%). We have removed vonapanitase from our model and are downgrading the shares to and removing our prior price target of $5.00 as the company explores its options.”
According to TipRanks.com, McCarthy has 0 stars on 0-5 star ranking scale with an average return of -6.5% and a 30.7% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, ContraVir Pharmaceuticals Inc, and Adial Pharmaceuticals Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Proteon with a $5.50 average price target, implying an 848.3% upside from current levels. In a report issued on March 14, Stifel Nicolaus also maintained a Hold rating on the stock with a $4 price target.
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Based on Proteon’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $5.26 million. In comparison, last year the company had a GAAP net loss of $5.55 million.
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Proteon Therapeutics, Inc. engages in the research and development of biopharmaceutical products. It produces and commercializes vonapanitase for the treatment of renal and vascular disease. The company was founded by F. Nicholas Franano and William P. Whitaker in 2001 and is headquartered in Waltham, MA.
