Dallas, Texas 08/20/2013 (Financialstrend) – Shares of GTx, Inc. (NASDAQ:GTXI) had recently been downgraded by analysts at Wedbush from the earlier Outperform rating to the Neutral rating. The analysts had further fixed up a price target for the stock at $2.00 per share which was observed to be a heavy decline from the earlier target at $9.00 per share. Such sudden downgrading of the shares of this pharmaceutical major had primarily been attributed to the results announced from the two clinical trials of the Phase 3 enobosarm which was developed for treatment of patients with non small cell lung cancer who are presently receiving chemotherapy. It was reported that the results of the clinical trials had not met the primary endpoints.
The analyst at Wedbush, David M. Nierengarten had commented that the team of equity researchers had presently removed the drug of enobosarm from the evaluation of the company’s stock. Owing to the lower than expected results from the clinical trials and other regulatory approval difficulties surrounding the drug, this move of removal from the analysis had been taken up. It was further commented that the removal of this product candidate from the stock valuation had ended up in the price target of $2.00 per share.
GTx, Inc. (NASDAQ:GTXI) had been moving down on Monday to lose around 65.54% in prices and thereby had closed at $1.43 per share. The stock had moved on to present fluctuations in prices in the range of $1.31 to $1.69 per share for the day. The stock had further reported trading volume at 17.14 million shares on the first day of the week, while the company on an average had recorded trading volumes at 898,810.00 shares per day. The shares of this company had presently reported the 52 week low of $1.31 and 52 week high of $7.24 per share.
This report is for information purposes only, and is neither a solicitation or recommendation to buy nor an offer to sell securities. Financials Trend is not-a-registered-investment-advisor. Financials Trend is not a broker-dealer. Information, opinions and analysis contained herein are based on sources believed to be reliable, but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. The opinions contained herein reflect our current judgment and are subject to change without notice. Financials Trend accepts no liability for any losses arising from an investor's reliance on the use of this material. Financials Trend sometimes gets compensated up to one hundred and fifty thousand dollars per month for featuring particular stocks. See site disclaimer for complete compensation. Financials Trend and its affiliates or officers currently hold no shares of these stocks. Financials Trend and its affiliates or officers will purchase and sell shares of common stock of these stocks, in the open market at any time without notice. Financials Trend will not update its purchases and sales of these stocks in any future postings on Financials Trend's websites. Certain information included herein is forward-looking within the context of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning manufacturing, marketing, growth, and expansion. The words "may", "would," "will," "expect," "estimate," "anticipate," "believe," "intend," " project," and similar expressions and variations thereof are intended to identify for ward-looking statements. Such forward- looking information involves important risks and uncertainties that could affect actual results and cause them to differ materially from expectations expressed herein. *Financials Trend does not set price targets on securities. Never invest into a stock discussed on this web site or in this email alert unless you can afford to lose your entire investment.