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VSAR

Versartis

$2.68

-18.925 (-87.62%)

04:55
09/25/17
09/25
04:55
09/25/17
04:55

Versartis downgraded to Neutral from Buy at Citi

Citi analyst Yigal Nochomovitz late Friday downgraded Versartis to Neutral and cut his price target for the shares to $3 from $23. The analyst confirmed with management that Versartis will not be filing a new drug application for somavaratan on the Velocity dataset following the failed Phase 3 study. The analyst found the failure unexpected.

VSAR Versartis
$2.68

-18.925 (-87.62%)

09/22/17
09/22/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Versartis (VSAR) was downgraded to Hold from Buy at SunTrust, to Underweight from Overweight at Barclays, to Neutral from Overweight at Piper Jaffray, and to Market Perform from Outperform at Cowen. 2. Tiffany (TIF) downgraded to Neutral from Buy at Goldman Sachs with analyst Lindsay Drucker Mann saying the company's high-end categories, including engagement, wedding and solitaire jewelry, decelerated in the last two quarters. 3. Airbus (EADSY) downgraded to Hold from Buy at Jefferies with analyst Sandy Morris saying the company's EBIT in fiscal 2018 and fiscal 2019 could track significantly below consensus expectations. 4. Alcoa (AA) downgraded to Hold from Buy at Berenberg with analyst Yuriy Vlasov saying Alcoa shares are up 43% over the past six months and recommends taking profits. 5. U.S. Steel (X) was downgraded to Underperform from Market Perform while ArcelorMittal (MT) was downgraded to Market Perform from Outperform at Cowen. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/22/17
MSCO
09/22/17
NO CHANGE
Target $3
MSCO
Equal Weight
Versartis price target lowered to $3, below cash position, at Morgan Stanley
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.
09/22/17
CANT
09/22/17
NO CHANGE
Target $14
CANT
Overweight
Cantor still sees 55% probability of success for Versartis' somavaratan
Cantor Fitzgerald analyst Elemer Piros lowered his price target for Versartis shares to $14 from $34, but keeps an Outperform rating on the name, after the company announced negative Phase 3 Velocity data in pediatric growth hormone deficiency patients. An analysis of the per protocol population did meet non-inferiority criteria, potentially highlighting a path forward with additional optimization, Piros tells investors in a research note. He believes a potential path forward could include increasing the dose and frequency of the drug. The analyst now ascribes an adjusted 55% probability of success for somavaratan and anticipates a more modest and delayed commercial launch. Versartis in premarket trading is down 84%, or $18.10, to $3.50. Four firms this morning downgraded the shares.
09/22/17
RHCO
09/22/17
DOWNGRADE
RHCO
Hold
Versartis downgraded to Hold from Buy at SunTrust
SunTrust analyst Edward Nash downgraded Versartis after the data from the Phase III trial of its somavaratan drug for pediatric growth hormone deficiency was negative.The analyst does not expect the drug to be approved by the FDA. Target to $4 from $25.

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