Prana Biotechnology Limited (Nasdaq: PRAN) stock declined on Monday following negative comments from Summer Street. Analyst Bart Classen said he was not impressed with PBT2 data.
"We recently held a conference call on Prana Biotechnology's (PRAN) PBT2, a treatment for Alzheimer's and Huntington’s diseases. We are not enthusiastic about the drug's proposed mechanism, allowing zinc and copper ions into the cell, because there is only a limited amount of ions that can enter the cell before they would precipitate and cause toxic deposits. We are not impressed with the data to date supporting PBT2 as a treatment for Alzheimer’s disease," said Classen.
"A 12-week trial showed improvement in some components of the neuropsychological test battery (NTB). We believe the results, however, are not statistically significant when one adjusts for using multiple endpoints. We would not expect that a disease-modifying agent would show an improvement in 12 weeks. We are also not impressed with findings that there was a reduction in amyloid beta 42 in the cerebral spinal fluid. We could imagine that if PBT2 worked as the company stated, dissolving beta amyloid plaques, one would see an increase in soluble beta amyloid in the cerebral spinal fluid. We are skeptical that the results of the IMAGINE trial will add clarity to the question of efficacy in patients with Alzheimer's disease," he added.
Sold shares premarket. Good luck.
DUMP...they have no cash
SELL THE NEWS all day long.
ICPT gave out the impression that the phase 2 trial was stopped early & fast track early approval coming. NIH came out and said safety side effects. This at the very least means ICPT will need to run a phase 3 trial. All of today's gains will be gone by Monday morning.
Go ahead and hold fools. See what happens.
It's time to run from this stock peeps.
Means PRAN is stuck trying to raise money at much lower prices, plus, also means the data itself must be very bad for them to say this.