Piper Jaffray analyst Edward Tenthoff lowered his price target for OncoMed (OMED) to $17 from $26 following two negative announcements, namely that the Phase II YOSEMITE study of demcizumab in first line pancreatic cancer failed and Bayer (BAYRY) returned rights for ipafricept and vantictumab. The analyst also notes that now partner Celgene (CELG) will review all data on demcizumab including Phase II DENALI non-small cell lung cancer data and Phase Ib combo data with KEYTRUDA, although he does not expect Celgene to exercise its option. Tenthoff reiterates an Overweight rating on OncoMed's shares.