Zacks Investment Research downgraded shares of Zalicus Inc. (ZLCS) from OUTPERFORM to NEUTRAL on September 11, 2012, with a target price of $1.50.
On September 10, 2012, Zalicus announced results from the phase 2b SYNERGY trial. Results showed that patients on Synavive achieved a -0.9 change from baseline on the DAS28 endpoint for Synavive (approximately 17% improvement) compared to a -0.5 change from baseline for placebo (approximately 10% improvement). However, Synavive was not statistically superior to 2.7 mg or 5 mg prednisolone. As a result, management has discontinued development of Synavive. Zalicus will also halt the ongoing one-year extension study which was designed to investigate the long-term safety and durability of response for Synavive. Our rating is Neutral' and our new target is $1.50.
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