BYSI - BeyondSpring extends slump; analyst calls regulatory setback somewhat surprising

After the FDA rejection of its combination therapy containing plinabulin for chemotherapy-induced neutropenia (CIN) led to a selloff on Wednesday, BeyondSpring (NASDAQ:BYSI) continues to trade lower with a ~5.0% decline in the pre-market. However, one Wall Street analyst remains hopeful and sees a path forward for the drug. “Call me crazy,” TipRanks reported quoting Evercore’s Josh Schimmer, who has maintained the Outperform rating on the stock despite the setback. “But I still have hope,” he said, lowering the price target to $25 from $95 per share to indicate a premium of ~463.1% to the last close. “So, we’re not giving up, despite the temptation today to throw in the towel,” Schimmer noted with a 50% chance that the company would conduct another trial to seek FDA approval for the indication. The analyst also estimates a 20% probability that BeyondSpring (BYSI) could convince the FDA to “re-evaluate its decision.” Citing a 35% chance for FDA

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BeyondSpring extends slump; analyst calls regulatory setback ““somewhat surprising”