ORMP - Oramed stock falls 10% as Wainwright cuts rating on potential halt of drug trial
- Oramed Pharmaceuticals ( NASDAQ: ORMP ) stock fell ~10% on Tuesday after H.C. Wainwright downgraded the shares to Neutral from Buy without a price target after oral insulin therapy ORMD-0801 failed a phase 3 trial last week.
- Following the results, the company had said that it expects to discontinue its oral insulin clinical activities for Type 2 Diabetes (T2D). ORMD-0801 failed to meet the main goal of improving blood sugar levels, compared to placebo, in patients with T2D in the phase 3 study , which sent the stock tumbling -76.46% on Jan. 12.
- H.C. Wainwright Analyst Raghuram Selvaraju now expects the company to halt the ORA-D-013-2 pivotal trial, which was expected to enroll 450 patients.
- The SA Quant Rating for ORMP is Hold , which is in contrast to the average Wall Street Analysts' Rating of Buy .
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Oramed stock falls 10% as Wainwright cuts rating on potential halt of drug trial