In a research report released Friday, Cowen analyst Boris Peaker downgraded shares of Endocyte, Inc. (NASDAQ:ECYT) from Outperform to Market Perform, after the drug maker said it would be halting enrollment of taxane-naïve mCRPC patients in the EC1169 trial, and it will also stop enrollment in a trial for its folate receptor-targeted tubulysin cancer therapy, EC1456.
Peaker stated, “We are downgrading Endocyte from Outperform to Market Perform due to the failure of the lead asset (EC1456) and higher uncertainty with current pipeline. We anticipate an update on the EC1169 Phase I trial in prostate cancer at ASCO and a more mature dataset by year end, and advancement of EC2629 and a CAR T bispecific adaptor into the clinic in 2H17/2018, respectively.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Boris Peaker has a yearly average return of 0.7% and a 37% success rate. Peaker has a -17.3% average return when recommending ECYT, and is ranked #2370 out of 4567 analysts.
Endocyte shares closed on Friday at $1.91, down $0.82 or -30%.