ODT - As Odonate plunges after abandoning lead program Jefferies cuts rating price target

Following this morning's announcement that it was abandoning tesetaxel for breast cancer following negative feedback from the FDA in a pre-NDA meeting, Jefferies analyst Michael Yee has cut shares of Odonate Therapeutics (ODT) from buy to hold.He is also lowering his price target to $4 from $45.Odonate says it will wind down the company's operations."It's possible [Odonate] could be a shell that could be used as a reverse-merger candidate which is common for companies [with] cash but this is unclear at this point," Yee wrote.Odonate shares are down 79% to $3.99 in afternoon trading.

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As Odonate plunges after abandoning lead program, Jefferies cuts rating, price target