Cannaccord UH2 downgrades NUCRYST Cannaccord Adams downgrades NUCRYST Pharmaceuticals (NCST) to Hold
09-21-2006 10:48:55 AM
Cannaccord Adams downgrades NUCRYST Pharmaceuticals (Nasdaq: NCST) from Buy to Hold, after the company announced that its Phase IIb atopic dermatitis study missed its primary endpoint, showing no difference between either drug concentration or placebo on an intent-to-treat basis.
Analyst, J. Pantginis ,said, "With highly reduced cash burn due to lack of clinical studies, we believe profitability will be achieved in 2008 but see earnings eventually being reduced (into potential losses) as the clinical program ramps up again."