Jefferies cuts Erytech Pharma to 'hold' on uncertainty over pancreatic cancer drug

Phaxiam Therapeutics SA

02/11/2021 09:27

** Jefferies downgrades French drug developer Erytech Pharma
 ERYP.PA  to "hold" from "buy" citing uncertainty around the
opportunity for eryaspase drug in other solid tumours after it
failed for pancreatic cancer 
    ** Following the failure of eryaspase to improve survival in
second-line pancreatic cancer, the brokerage says it has now
removed this indication from its valuation
    ** It droves the brokerage's price target down 85% to  2.8
euros ($3.25) per share
    ** Further development oferyaspase in pancreatic cancer 
will likely require additional funds, it notes
    ** Focus is now the U.S. leukaemia opportunity with filing
by the end of 2021, it adds 
    ** Out of 4 analysts that cover Erytech Pharma, two rate the
stock "strong buy" or "buy", ​one "hold" and one "sell" -
Refinitiv data


($1 = 0.8618 euros)

 (Reporting by Kate Entringer)
 ((kate.entringer@thomsonreuters.com))