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PRTO

Proteon Therapeutics

$0.53

0.0124 (2.40%)

16:31
04/15/19
04/15
16:31
04/15/19
16:31

Proteon to review strategic options, will reduce employee headcount

Proteon Therapeutics announced its plans to explore a range of strategic options to enhance shareholder value. Having missed statistical significance on both co-primary endpoints in PATENCY-2, Proteon's second Phase 3 trial of investigational vonapanitase, the Board of Directors has decided to explore all strategic alternatives for Proteon and is reducing its employee headcount and spending on operations in order to preserve its cash resources. Proteon has also retained H.C. Wainwright & Co., LLC as its financial advisor to assist in the strategic review process. Potential strategic alternatives that may be explored or evaluated as part of this review include, but are not limited to, an acquisition, merger, business combination or other strategic transaction involving Proteon. There is no defined timeline for completion of the review process. There is no assurance that this review will result in Proteon pursuing any transaction or that a transaction, if pursued, will be completed. Proteon does not intend to discuss or disclose further developments regarding the strategic review process unless and until its Board of Directors has approved a specific action or otherwise determined that further disclosure is appropriate or required by law.

PRTO Proteon Therapeutics
$0.53

0.0124 (2.40%)

03/18/19
HCWC
03/18/19
NO CHANGE
Target $4
HCWC
Buy
Proteon Therapeutics price target raised to $4 from $3 at H.C. Wainwright
H.C. Wainwright analyst Swayampakula Ramakanth raised his price target for Proteon Therapeutics to $4 from $3 ahead of the topline results from the Phase 3 Patency-2 study of vonapanitase to extend fistula patency for hemodialysis in patients with chronic kidney disease, which he expects before the end of March. If the study is able to successfully hit both endpoints, it would serve as the basis for a potential regulatory submission before the end of 2019 and commercial launch of vonapanitase by Q3 of 2020, Ramakanth tells investors in a research note. He thinks positive results could drive 50% upside in Proteon shares and keeps a Buy rating on the name.
03/28/19
JMPS
03/28/19
DOWNGRADE
JMPS
Market Perform
Proteon Therapeutics downgraded to Market Perform at JMP Securities
03/28/19
MAXM
03/28/19
DOWNGRADE
MAXM
Hold
Proteon Therapeutics downgraded to Hold from Buy at Maxim
Maxim analyst Jason McCarthy downgraded Proteon Therapeutics to Hold from Buy after the company announced that its Phase 3 clinical trial of investigational vonapanitase in patients with chronic kidney disease did not meet its co-primary endpoints.
03/28/19
STFL
03/28/19
NO CHANGE
STFL
Hold
Proteon Therapeutics strategic options look limited, says Stifel
Stifel analyst Stephen Willey noted that Proteon Therapeutics management said they intend to evaluate strategic options following the failure of the PATENCY-2 trial of vonapanitase in patients with chronic kidney disease, but he believes the options appear limited and sees a cash distribution to shareholders as a likely outcome. He estimates a residual fair value of approximately 40c per share.

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