Zafgen Inc (NASDAQ:ZFGN), a biopharmaceutical company dedicated to significantly improving the health and well-being of patients affected by obesity and complex metabolic disorders, today provided an update on the open label extension (OLE) portion of the pivotal Phase 3 ZAF-311 bestPWS clinical trial evaluating beloranib in patients with Prader-Willi syndrome (PWS). On December 1, 2015, the Company learned that a patient receiving beloranib as part of the OLE portion of the study was diagnosed with bilateral pulmonary emboli and has died.
“Our thoughts are with the patient and their family at this time,” said Dr. Thomas Hughes, Chief Executive Officer of Zafgen. “Patient safety remains our top priority and we are investigating the circumstances around this event. We are also engaging in discussions with the FDA while we determine the next steps with the beloranib program.”
As previously announced, the Company continues to expect top-line results of the randomized portion of the ZAF-311 clinical trial in the first quarter of 2016. (Original Source)
Shares of Zafgen Inc closed yesterday at $15.93, down $0.98 or -5.80%. ZFGN has a 1-year high of $55.36 and a 1-year low of $9.53. The stock’s 50-day moving average is $13.26 and its 200-day moving average is $30.32.
On the ratings front, Zafgen has been the subject of a number of recent research reports. In a report issued on November 12, Canaccord Genuity analyst Corey Davis reiterated a Buy rating on ZFGN, with a price target of $30, which implies an upside of 88.3% from current levels. Separately, on November 11, Leerink Swann’s Joseph Schwartz reiterated a Buy rating on the stock and has a price target of $46.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Corey Davis and Joseph Schwartz have a total average return of 17.0% and 25.8% respectively. Davis has a success rate of 60.3% and is ranked #101 out of 3644 analysts, while Schwartz has a success rate of 55.4% and is ranked #57.
The street is mostly Bullish on ZFGN stock. Out of 6 analysts who cover the stock, 5 suggest a Buy rating and one recommends to Hold the stock. The 12-month average price target assigned to the stock is $25.00, which implies an upside of 56.9% from current levels.
Zafgen Inc is a biopharmaceutical company dedicated to improving the health and well-being of patients affected by obesity. Beloranib is the Company’s product candidate.