H.C. Wainwright analyst Swayampakula Ramakanth downgraded Tocagen to Neutral from Buy without a price target after the company said the Phase 3 pivotal Toca 5 study for the treatment of recurrent high-grade gliomas missed the primary endpoint of overall survival. Furthermore, all secondary endpoints, including durable response rate, durable clinical benefit rate, duration of response, and overall survival at 12 months, showed no meaningful difference between the different treatment arms of the study, Ramakanth tells investors in a research note. The analyst views the results as a "major setback" for Tocagen. He now sees "increasing uncertainty" regarding the company's other programs and is not comfortable giving the stock a price target due to the "limited visibility" of Tocagen's pipeline development strategy going forward. The stock in morning trading is down 79%, or $3.32, to 86c.