Roth MKM analyst Jonathan Aschoff downgraded Cyclacel Pharmaceuticals (CYCC) to Neutral from Buy with a price target of $1, down from $11. The stock in afternoon trading is down 21% to $1.13. The company reported two Phase 2 solid tumor patients with stable disease among six efficacy evaluable patients, and the negative stock reaction today is due to Cyclacel requiring three or more responses to justify continued development among a total of 12 solid tumor patients, the analyst tells investors in a research note. Roth believes today’s results are “not encouraging, especially given that patients had favorable genetics for response.”
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