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Fly News Breaks for September 22, 2017
VSAR
Sep 22, 2017 | 08:40 EDT
After Versartis reported that the Phase 3 VELOCITY trial in pediatric growth hormone deficiency failed and management indicated there was no path forward with this trial and no current plans for an additional trial, Morgan Stanley analyst Andrew Berens said he believes the company's current cash position of about $4 per share is unlikely to be a floor given investor concerns about a lack of strategic path forward. He cut his price target on Versartis to $3 from $17 and keeps an Equal Weight rating on the shares.
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