Intersect ENT's announcement this morning that the study of its drug-coated sinus balloon missed the primary endpoint at 30 days is "another incremental negative" for the company, Piper Jaffray analyst Matt O'Brien tells investors in a research note. While the growth driver was likely several years out, the news is another incremental negative for shares that have performed poorly in 2019, writes the analyst. O'Brien, while acknowledging "that this is not the end of the world," and that a second trial is possible, is unsure of Intersect ENT's next steps at this point. He sees a largely balanced risk/reward profile on the shares and keeps a Neutral rating on Intersect ENT with a $17 price target.