UPDATE: Rodman & Renshaw Lowers PT to $11 on Ventrus Biosciences on Pivotal VEN 309 Trial Failure

Rodman & Renshaw reiterates its Market Outperform rating on Ventrus Biosciences (NASDAQ: VTUS) and reduces its price target from $25 to $11.

Rodman & Renshaw comments, "VTUS announced this morning that its Phase III trial of VEN 309 (iferanserin) in patients with hemorrhoidal disease failed to meet its primary (elimination of bleeding) and secondary endpoints (elimination of itching and pain). This study failed to replicate results from an earlier Phase IIb study in which iferanserin demonstrated statistically significant reductions bleeding and quality of life in patients with hemorroirdal disease. …Based on the results released today, VTUS stated that it does not intend to pursue further development of VEN 309."

VTUS closed at $5.02 on Monday.